The general ledger of Ryan Racing at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash Accounts Receivable Land $46,500 30,700 115,800 Accounts Payable $15,800 Notes Payable (due in 2 years). 35,000 Common Stock 105,000. Retained Earnings 37,200 Totals: $193,000 $193,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 Provide services to customers on account, $67,400. Provide services to customers for cash, $77,800. Collect on accounts receivable, $46,200. Issue shares of common stock in exchange for $35,000 cash. Purchase supplies on account, $13,100. Pay on accounts payable, $11,800. 7. September 30 Pay salaries for employee work in the current year, $69,200. 8. November 22 9. December 30 Pay advertising for the current year, $23,000. Pay $3,400 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,000 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,000 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,800. Required: 1.3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,000 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,000 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,800. 7. Prepare an adjusted trial balance. 8-a. Prepare the income statement for the year ended December 31, 2024. 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. 9. Record closing entries. 11. Prepare a post-closing trial balance. Accounts Cash Accounts Receivable Supplies Land Accounts Payable Salaries Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Interest Expense Supplies Expense Totals RYAN RACING Unadjusted Trial Balance December 31, 2024 Debit Credit +