The Molina Bicycle Repair Company has a store repairing and selling bicycles. It has been around since January 2017. Below are the (normal) balances in the accounts as of November 30, 2022. Molina Bicycle Balances on 11/30/2022 Cash: $ 146,900 Accounts Receivable: 16,500 Inventory: 2,900 Office Equipment: 5,300 Accumulated DepreciationOffice Equipment: 500 Machinery & Tools: 59,000 Accumulated DepreciationMachinery and Tools: 8,600 Accounts Payable: 11,400 Unearned Service Revenue: 1,500 Note PayableLong Term : 18,000 Common Stock, $10 par : 150,000 Retained Earnings: 11,400 Dividends : 1,000 Sales Revenue : 10,900 Repair Service Revenue: 35,000 Cost of Goods Sold : 11,100 Rent Expense: 2,000 Advertising Expense: - Depreciation Expense - Office Equipment: 500 Depreciation Expense - Machinery and Tools: 2100

Transaction Data during December 2022. 12/5 Received cash from customers on account - $3,000. 12/8 Purchased new machines for $5,700 and paid in cash. 12/10 Took a loan from the bank and signed a note for $10000 to be paid in 3 years. 12/12 Purchased bicyles on account $ 2000 from ABC company. 12/18 Incurred advertising expense on account for $800. 12/19 Paid ABC company $2000 on accoun.

Adjustments on December 31, 2022 Depreciation for office equipment is $400 and for Machinery is $770. Accrued revenue for December was $900. Completed repair services for customers who had paid Molina back in November - $750. Accured rent expense is $700.

Requirements: 1. Post the above 11/30 balances in the related T accounts sheet. Remember that November 30 balances are considered December 1 opening balances. A couple of T accounts have been started. 2. Journalize the December transactions above in the Journal. 3. Post the December transactions to the T accounts & calculate all the balances. 4. Prepare Monlina's Unadjusted Trial Balance from the balances in the T accounts. 5. Journalize Molina's adjusting entries in the journal. 6. Post the adjusting entries to the T accounts. Update the T account balances. 7. Prepare Molina's Adjusted Trial Balance. 8. Prepare Molina Bicycle's multi-step income statement for the year ended December 31, 2022. 9. Prepare Molina Bicycle's statement of retained earnings for the year ended December 31, 2022. 10. Prepare Molina Bicycle's classified balance sheet as at December 31, 2022. 11. Journalize the closing entries for Molina as at December 31, 2022 in the Journal, post them to the T accounts. Update the new balances. 12. add an account for Income Summary. 13. Prepare a post-closing trial balance for Molina as at December 31, 2022