Presented below is the November 30, 2019, unadjusted trial balance of Jassy's Beauties, which is owned by Jassy Corporation. The temporary account balances represent the results of entries recorded during the first 11 months of 2019, and the balance in Jassy's common stock and retained earnings accounts have not changed since December 31, 2018. Currently, 5,000 shares of stock are outstanding and 20,000 shares have been authorized. All income tax effects are to be ignored for this project. Jassy's Beauties Unadjusted Trial Balance November 30, 2019 REF DEBIT CREDIT Cash 111 528,370 Make-Up Inventory 112 22,540 Supplies Inventory 113 18,220 Prepaid Rent 114 28,440 Equipment 131 555,230 Accumulated Depreciation, Equipment 132 260,290 Building 135 888.380 Accumulated Depreciation, Building 136 256,520 Accounts Payable 211 44,910 Wages Payable 212 0 Utilities Payable 213 0 Interest Payable 214 0 Uncamned Appointment Revenue 215 7330 Long-Term Notes Payable 231 95.500 Common Stock ($10 par value) 155,470 Retained Ramings 312 623,770 Dividends 313 Income Summary 314 Appointment Revenue 411 1,138,440 Make-Up Revenue 412 1.174,090 Wages Expense 511 955,450 Rent Expense 512 415,310 Make-Up Expense 513 262,780 Supplies Expense 514 0 Utilities Expense 515 36,890 Advertising Expense 516 14,040 Maintenance Expense 517 30,670 Depreciation Expense, Equipment 518 0 Depreciation Expense, Building 519 0 Interest Expense 520 0 Totals $3.756,320 $3,756,320 311 The following transactions occurred during the month of December 2019: Dec Paid accounts payable of $4,120 6 Paid stadium rental of $3,070 in advance 6 Purchased supplies, 5330, on account 7 Deposited $28,000 of admissions receipts. 9 Unearned admissions revenue is for gift certificates purchased for admission into future shows. 5810 more of these gift certificates were sold to a local restaurant business, for cash. 10 Purchased $6,960 of concessions items on credit. 12 Acquired additional equipment worth $23,000 by paying $200 cash and giving a long-term note payable for the balance 14 Paid wages of $13,500 for the period December through 14. 16 Paid for the supplies purchased on December 6. 17 Purchased $7,000 of supplies on credit. 19 Sold 500 shares of $10 par value common stock for $10 a share. 21 Deposited $32,180 from concessions sales and $10,660 of admissions receipts. 24 Paid $6,600 for repairs to roof for weather damage. 25 Purchased $6,400 of concessions items on account 27 Paid for the supplies purchased on December 17, 28 Paid wages of $20,130 for the period December 15 through 28 30 Paid S4,300 to newspaper for advertisements that appeared in December 31 Deposited $23,000 from admissions receipts and $46,340 from concessions sales. 31 Declared and paid the annual dividend, amounting to $5,600 REQUIREMENTS Please follow these instructions carefully! 1. Prepare journal entries to record the December transactions listed above. 2. Post the December journal entries to the general ledger 3. Prepare a 6-column worksheet and enter the December 31 unadjusted balances from the general ledger accounts. Also enter adjusting entries for the following items on the worksheet, and complete the worksheet. a. Unpaid wages were $4,980 as of December 31. b. The December 31 concessions inventory was $6,065. c. The supplies inventory was $4,885 on December 31. d. The unexpired portion of the prepaid stadium rental was 56,330 as of December 31 c. Depreciation for the year on the equipment was $11,150. Depreciation for the year on the building was $41,760 g. Unpaid utilities expense for December was $5.930. h. Interest expense on the note payable for 2019 was $4,470, to be paid when the note matures 1. Admissions gift certificates still unredeemed at December 31 totaled $5,200. 4. Journalize and post the adjusting entries to the general ledger. These are the same adjustments that are recorded on the 6- column worksheet 3. Prepare an income statement , statement of retained earnings, and a balance sheet for the year ended December 31, 2019, 6. Journalize and post the closing entries to the general ledger