Student Name: ld No. I. Completing the Accounting Cycle: a. Record all necessaries entries. b. Make all necessaries journals Adjustments Build Adjustment Trial Balance and Adjustment Trial Balance c. d. Prepare all Financials Reports (4 Principals Reports) On December 1, Tim Walker began an auto repair shop, Walker's Quality Automotive. The following transactions occurred during December Dec. 1 Walker contributed $48,000 cash to the business in exchange for shares of common stock 1 Purchased $10,000 of equipment paying cash. Paid $1,500 for a 4-month insurance policy starting on December 1 9 Paid $20,000 cash to purchase land to be used in operations 10 Prchased office supplies on account, $2,400 19 Borrowed $15,000 from the bank for business use. Waker signed a note payable to the bank in the name of the corporation Paid $1,300 for advertising expenses 22 26 Paid $600 on account. 28 31 The business received a bill for utilities to be paid in January, $240 Revenues earned during the month included $16,500 cash and $2,800 on account. 31 Paid employees' salaries $3,500 and building rent $1,000. Record as a 31 The business received $1,140 for auto screening services to be performed next 31 Cash diidends of $5,000 were paid to stockholders compound entry month Page 1 2 a +