T Chart accounting The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January $2$ of this year. Transactions completed during the first year of operation were as follows:

January $2$ Issued $600,000$ shares of stock for $$10,200,000.$

January $10$ Acquired equipment in exchange for $$2,400,000$ cash and a $$5,200,000$ note payable. The note is due in ten years.

February $1$ Paid $$18,000$ for a business insurance policy covering the two$-$year period beginning on February $1.$

February $22$ Purchased $$900,000$ of supplies on account

March $1$ Paid wages of $$185,600$

March $23$ Billed $$2,810,000$ for services rendered on account

April $1$ Paid $$120,000$ of the amount due on the supplies purchased February $22.$

April $17$ Collected $$300,000$ of the accounts receivable

May $1$ Paid wages of $$200,400.$

May $8$ Received and paid bill for $$96,000$ for utilities.

May $24$ Paid $$44,000$ for sales commissions.

June $1$ Made the first payment of $250,000$ on the note issued January $10.$ The payment consisted of $$50,000$ interest and $$200,000$ applied against the principal of the note.

June $16$ Billed customers for $$520,000$ of services rendered.

June $30$ Collected $$310,000$ on accounts receivable.

July $10$ Purchased $$150,000$ of supplies on account.

August $25$ Paid $$155,000$ for administrative expenses.

September $23$ Paid $$31,000$ for warehouse repairs.

October $1$ Paid general wages of $$91,000.$

November $20$ Purchased supplies for $$61,000$ cash.

December $15$ Collected $$165,000$ in advance for services to be provided in December and January.

December $30$ Declared and paid a $$55,000$ dividend to shareholders.

The chart of accounts that Marshall Company, Inc. uses is as follows:

Assets:

$101$ Cash

$102$ Accounts receivable

$103$ Supplies

$104$ Prepaid insurance

$110$ Equipment

$112$ Accumulated depreciation

Liabilities:

$201$ Accounts payable

$202$ Unearned service revenue

$203$ Wages payable

$210$ Interest payable

$220$ Notes payable

Stockholders$$ Equity:

$301$ Common stock

$310$ Retained earnings

$320$ Dividends

Revenues:

$401$ Service revenue

Expenses:

$501$ Wage expense

$502$ Utility expense

$503$ Selling expense

$504$ Administrative expense

$505$ Repairs expense

$506$ Insurance expense

$507$ Supplies expense

$510$ Depreciation expense

$520$ Interest expense

Other:

$601$ Income summary

REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook $($Template provided$)$:

$1.$ Journalize the transactions for the year.

$2.$ Post the journal entries to a T account.

$3.$ Prepare an unadjusted trial balance as of December $31.$

$4.$ Journalize and post adjusting entries to the T accounts based on the following additional information:

a$.$ Eleven months of the insurance policy expired by the end of the year.

b$.$ Depreciation for equipment is $$420,000.$

c$.$ The company provided $$96,000$ of services related to the advance collection of December $15.$

d$.$ There are $$545,000$ of supplies on hand at the end of the year.

e$.$ An additional $$185,000$ of interest has accrued on the note by the end of the year.

f$.$ Marshall accrued wages of $$215,000$ at the end of the ear.

$5.$ Prepare an adjusted trial balance as of December $31.$

$6.$ Prepare a single$-$step income statement and statement of retained earnings for the year ended December $31$ and a classified balance sheet as of December $31.$

$7.$ Journalize and post the closing entries

$8.$ Prepare a post$-$closing trial balance as of December $31.$

Submit your completed Excel workbook in Black Board under assignments by the due date.