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Transactions: Waldo Industries completed the following transactions during December 2019: Dec 1 Waldo contributed $70,000 cash to the business in exchange for shares of common stock 1 Purchased $12,000 of equipment paying cash. 1 Paid $1,750 for a five- month insurance policy starting on December 1. 9 Paid $20,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $2,800. 19 Borrowed 515,000 from the bank for business use. Waldo signed a note payable to the bank in the name of the corporation. The note is due in five years. 22 Paid $1,300 for advertising expenses 26 Paid $900 on account 28 The business received a bill for utilities to be paid in January, $280 31 Revenues earned during the month included $16,000 cash and $3,600 on account 31 Paid employees' salaries 53,800 and building rent $1,200. Record as a compound entry 31 The business received 51,440 for auto screening services to be performed next month. 31 Paid cash dividends of $5,500 to stockholders Adjustment data: a. Accrued Interest Expense, $75. b. Depreciation was recorded on the equipment using the straight-line method Assume a useful life of four years and a salvage value of $2.400. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, S1,000. Requirements: Listing .000 Verizon... | Chegg.com Magnus Health Record each transaction in the journal. Explanations are not required. Refer to the t accounts 1. for account names. The transactions are on the data tab and the template is below. 2. Post the transactions in the T-accounts below. Prepare an unadjusted trial balance (below) as of December 31, 3. 2019. (DRECR) 4. Journalize the adjusting entries using the adjustment data on the data tab. Post adjusting entries to the T-accounts. 5. Prepare an adjusted trial balance (below) as of December 31, 2019. (DR=CR) 6. Prepare Waldo's income statement and statement of retained earnings for the month ended December 31, 2019, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount--that is, the largest expense first, the smallest expense last. Templates are below. 7. Joumalize the closing entries and post to the T-accounts. 8. Prepare a post-closing trial balance (below) as of December 31, 2019. (DR-CR)