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On December 1, Don Walton began an auto repair shop, Walton's Quality Automotive. The following transactions occurred during December (Click the icon to view the transactions.) Walton's Quality Automotive Post-Closing Trial Balance December 31, 2024 Balance Account Title Debit Credit More Info Cash; Accounts Receiva Accumulated Depreciatio Interest Payable: Uneam Earnings: Dividends, Incc Expense: Utilities Expens Expense, Interest Expens 2021FA Prin of Financial Accounting (ACCT-2301-81200) Test: Final Test Chapters: 1, 2, 3, and 4 On December 1, Don Walton began an auto repair shop, Walton's Quality Autome occurred during December (Click the icon to view the transactions.) Walton's Quality Automotive Post-Closing Trial Balance December 31, 2024 Balance Account Title Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Advertising Expense Cash Mo Common Stock Depreciation Expense-Equipment Dividends Ca Int Ea Exc EX Equipment Insurance Expense Interest Expense Post-Closing Trial Balance December 31, 2024 Balance Debit Grad Account Title Interest Expense Interest Payable Land Notes Payable Office Supplies $ Prepaid Insurance N Rent Expense Retained Earnings Salaries Expense Service Revenue Supplies Expense Unearned Revenue On December 1, Don Walton began an auto repair shop, Walton's Quality Automotive. The following occurred during December (Click the icon to view the transactions.) Walton's Quality Automotive Post-Closing Trial Balance December 31, 2024 Balenc Deb: Account Title LOTU Notes Payable Office Supplies Prepaid Insurance Rent Expense Retained Earnings Salaries Expense Service Revenue Supplies Expense Unearned Revenue Utilities Expense Utilities Payable More Info Dec. 1 Walton contributed $60,000 cash to the business in exchange for shares of common stock. Dec. 1 Purchased $13,500 of equipment paying cash. Dec. 1 Paid $4,050 for a nine-month insurance policy starting on December 1. Dec. 9 Paid $25,000 cash to purchase land to be used in operations. Dec. 10 Purchased office supplies on account, $2,900. Dec. 19 Borrowed $30,000 from the bank for business use. Walton signed a note payable to the bank in the name of the corporation. The note is due in five years. Dec. 22 Paid $2,200 for advertising expenses. Dec. 26 Paid $1,200 on account. Dec. 28 The business received a bill for utilities to be paid in January, $350. Dec. 31 Revenues earned during the month included $19,000 cash and $3,900 on account. Dec. 31 Paid employees' salaries $3,900 and building rent $500. Record as a compound entry. Dec. 31 The business received $1,090 for auto screening services to be performed next month. Dec. 31 Pald cash dividends of $6,000 to stockholders. More Info Cash; Accounts Receivable: Office Supplies; Prepaid Insurance; Land; Equipment: Accumulated Depreciation Equipment Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable. Common Stock: Retained Earnings: Dividends, Income Summary, Service Revenue: Salaries Expense; Rent Expense: Utilities Expense; Advertising Expense; Supplies Expense: Insurance Expense: Interest Expense and Depreciation Expense Equipment
