Only steps #4-8

8. Calculate the current ratio for the company. ctives 1. 2, 3, P4-32A leting the accounting cycle from journal entries to post-closing trial Compl 4, 5 balance with an optional worksheet On December 1, Bob Wonder began an auto shop, Wonders Quality Automotive Capital $68.395 The following transactions occurred during December: Dec. 1 Wonder contributed s55.000 cash to the business in exchange for capital. 1 Purchased $9,000 of equipment paying cash. 1 Paid $1,000 for a four-month insurance policy starting on December 1 9 Paid $16.000 cash to purchase land to be used in operations Purchased office supplies on account, $2,900. 10 19 Borrowed $30,000 from the bank for business use. Wonder signed a note payable to the bank in the name of the business. The note is due in five years. 22 Paid $1,200 for advertising expenses. 26 Paid $500 on account. 28 The business received a bil for utilities to be paid in January, $230. 31 Revenues earned during the month included $20,500 cash and S3,300 on account 31 Paid employees salaries $3,100 and building rent $1.000, Record as a compound entry. 31 The business received $1.050 for auto screening services to be performed next 31 Wonder withdrew cash of $3,500. The business uses the following accounts Cash: Accounts Receivables Office Supplies; Prepaid Insurance; Equipment Accumulated Depreciation-Equipment; Land Accounts Payable; Utilities Payable; nterest Payable. Unearned Revenues Notes Payables Wonder, Capital; Wonder, Withdrawals; Income Summary; Service Revenue: Salaries Expense: Rent Expenses Utilities Expense: Advertising Expenses Supplies Expenses Insurance Expenses Interest Expense: and Depreciation Expense-Equipment. a. Office Supplies used during the month, S900. b. Depreciation for the month, $150. One month insurance has expired. d. Accrued Interest Expense, s75 Requirements 1. Prepare the journal entries, and post to the T-accounts. 2. Prepare an unadjusted trial balance. Complete the worksheet for the month ended December 31, 2016. (optional) 4. Prepare the adjusting entries and post to the T accounts. 5. Prepare an adjusted trial balance