Required Information [The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Accounts Debits Credits Cash $ 12,500 Accounts Receivable 13.100 Supplies 17,500 Prepaid Insurance 12.600 Equipment 76,000 Accumulated $ 22,500 Depreciation Accounts Payable 10.100 Salaries Payable 0 Utilities Payable 0 Interest Payable Notes Payable 25.500 Common Stock 16.000 Retained Earnings 8,100 Dividends 1.100 Service Revenue 209.200 Salaries Expense 148.500 Depreciation Expense 0 Insurance Expense Supplies Expense 0 Utilities Expense 10.100 Interest Expense 0 0 Totals $291.400 $ 291,400 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the machines for the year is $8,100. b. Employee salaries are paid every two weeks. The last pay period ended on December 23. Salaries earned from December 24 through December 31, 2018. are $2,100. c. On September 1, 2018. Jaguar borrows $25.500 from a local bank and signs a note. The note requires interest to be paid annually on August 31 at 12%. The principal is due in five years. d. On March 1. 2018, the company purchases insurance for $12,600 for a one-year policy to cover possible injury to mechanics. The entire $12.600 was debited to Prepaid Insurance at the time of the purchase. e $3.100 of supplies remains on hand at December 31, 2018. f. On December 30. Jaguar receives a utility bill of $1,250 for the month. The bill will not be paid until early January 2019, and no entry was recorded when the bill was received. Required: 1., 2. & 6. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts. . Answer is not complete. Cash Beg. Bal Beg. Bal 0 Accounts Receivable 13,100 0 0 13.100 12,500 0 0 12,500 0 0 0 End. Bal End. Bal. Beg. Bal Beg. Bal Supplies 17,500 0 0 3.100 olol Prepaid Insurance 12,600 1,050 X ADJ. d . 14.400ADJ. e. End. Bal End. Bal 11,550 Beg. Bal 0 Beg. Bal Equipment 76,000 0 0 76,000 ololol 0 Accumulated Depreciation 0 22,500 0 8,100ADJ. a . 0 30,600 0 End. Bal. End. Bal Salaries Payable Beg. Bal Accounts Payable 0 10,100 0 0 Beg Bal 0 2,100ADJ. b. 0 0 0 0 10,100 End. Bal End. Bal 2,100 Utilities Payable Interest Payable Beg. Bal. 0 0 Beg Bal. 0 0 0 ADJ. f. 0 1,785 ADJ.C. 1,250 0 1,250 0 0 End. Bal. End. Bal 1,785 Notes Payable 0 25,500 Beg. Bal. Beg. Bal. 0 0 Common Stock 0 16,000 0 OC 0 16,000 0 0 End. Bal. 25,500 End. Bal. Retained Earnings 0 8,100 Dividends 1,100 Beg. Bal. Beg. Bal 0 0 1,100 CI. entry 0 0 End. Bal. 8,100 End. Bal Service Revenue 0 209,200 Salaries Expense 148,500 Beg Bal. Beg. Bal. 0 0 0 ADJ. b. 2,100 0 209,200 0 150,600 Cl. entry Cl. entry End. Bal. 0 End. Bal. 0 Insurance Expense 0 Beg. Bal ADJ. a. Depreciation Expense 0 0 8,100 0 8,100 0 Beg. Bal ADJ. d. 0 Cl. entry 1,050 0 1,050 Cl. entry End. Bal End. Bal. Supplies Expense Beg. Bal. 0 Utilities Expense 10,100 1,250 Beg. Bal. ADJ. f. 0 ADJ. e. 14,400 0 0 14,400 Cl. entry Cl. entry End. Bal. 0 End. Bal 11,350 Beg. Bal. ADJ.C. Interest Expense 0 1,785 1,785 cl. entry > End. Bal. 0 3. Prepare an adjusted trial balance. Answer is not complete. JAGUAR AUTO COMPANY Adjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash IS 12,500 Accounts receivable 13.100 Interest payable Prepaid insurance Supplies Depreciation expense 8,100 Interest expense Supplies expense Insurance expense Notes payable 25.500 Common stock Retained earnings Salaries expense ololo 16,000 23.500 X Totals IS 33.700 S 65,000 4-a. Prepare an income statement for the year ended December 31, 2018. (Loss amount should be indicated by a minus sign.) Answer is not complete. JAGUAR AUTO COMPANY Income Statement For the Year Ended December 31, 2018 Service revenue Expenses Total expenses 0 4.b. Prepare a statement of shareholders' equity for the year ended December 31, 2018. Assume that no common stock is issued during the year. (Amounts to be deducted should be indicated by a minus sign.) JAGUAR AUTO COMPANY Statement of Stockholders' Equity For the Year Ended December 31, 2018 Common Stock Retained Earnings Total Stockholders' Equity Balance at January 1 Balance at December 31 4-c. Prepare a classified balance sheet for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. JAGUAR AUTO COMPANY Balance Sheet December 31, 2018 Liabilities Current liabilities: $ 12,500 Accounts payable 12,600 Salaries payable 13,100 Interest payable 17,500 X $ Assets Current assets: Cash Prepaid insurance Accounts receivable Supplies > 12,500 0 >> >IS 55,700 12,500 Total current liabilities Long-term liabilities: Total current assets Long-term assets: Equipment Accumulated depreciation 0 Total liabilities Stockholders' Equity Common stock Retained earnings 0 Total assets Total stockholders' equity Total liabilities and stockholders' equity $ 55,700 12,500 5. Record closing entries and then post them to the T-accounts provided above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2018 Record entry Clear entry View general journal 7. Prepare a post-closing trial balance. JAGUAR AUTO COMPANY Post-Closing Trial Balance December 31, 2018 Debit Accounts Credit Totals CA $ 0 5