The following transactions were completed by the company.

a.	The owner (Alex Carr) invested $17,000 cash in the company in exchange for its common stock.
b.	The company purchased supplies for $1,000 cash.
c.	The company purchased $11,000 in equipment on credit (record liability as Note Payable).
d.	The company purchased $300 of additional supplies on credit.
e.	The company purchased land for $10,000 cash.

Required:

Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)

2.

Following are the transactions of a new company called Pose-for-Pics.

Aug. 1	Madison Harris, the owner, invested $10,250 cash and $44,075 of photography equipment in the company in exchange for common stock.
2	The company paid $3,400 cash for an insurance policy covering the next 24 months.
5	The company purchased office supplies for $1,948 cash.
20	The company received $2,800 cash in photography fees earned.
31	The company paid $868 cash for August utilities.

Prepare general journal entries for the above transactions.

3.

The following is the adjusted trial balance of Wilson Trucking Company.

Account Title	Debit		Credit
Cash	$	5,700
Accounts receivable		16,500
Office supplies		2,000
Trucks		187,000
Accumulated depreciationTrucks			$	38,522
Land		75,000
Accounts payable				9,700
Interest payable				3,000
Long-term notes payable				52,000
Common stock				20,000
Retained earnings.				161,362
Dividends		19,000
Trucking fees earned				132,500
Depreciation expenseTrucks		24,847
Salaries expense		62,142
Office supplies expense		13,500
Repairs expenseTrucks		11,395
Totals	$	417,084	$	417,084

The Retained Earnings account balance is $161,362 at December 31, 2014.

(1).

Prepare the income statement for the year ended December 31, 2015

(2).

Prepare the statement of retained earnings for the year ended December 31, 2015.

4.

Account Title	Debit		Credit
Cash	$	5,000
Accounts receivable		27,000
Office supplies		7,205
Trucks		172,000
Accumulated depreciationTrucks			$	35,432
Land		46,000
Accounts payable				9,000
Interest payable				15,000
Long-term notes payable				36,000
Common stock				38,266
Retained earnings				153,066
Dividends		48,000
Trucking fees earned				120,000
Depreciation expenseTrucks		22,854
Salaries expense		61,439
Office supplies expense		6,000
Repairs expenseTrucks		11,266
Totals	$	406,764	$	406,764

Use the above adjusted trial balance to prepare Wilson Trucking Companys classified balance sheet as of December 31, 2015.