Question

On December 1st Curt Williamson began an auto repair shop, Williamsons Quality Automotive. The following information about December’s transactions, accounts, and adjustment data is available.
Transactions:
Dec. 1 Williamson contributed $50,000 cash to the business in exchange for capital.
1 Purchased $10,800 of equipment paying cash.
1 Paid $4,500 for a 9-month insurance policy starting on December 1.
9 Paid $18,000 cash to purchase land to be used in operations.
10 Purchased office supplies on account, $3,000.
19 Borrowed $28,000 from the bank for business use. Williamson signed a note payable to the bank inthe name of the business.
22 Paid $800 for advertising expenses.
26 Paid $1,000 on account.
28 The business received a bill for utilities to be paid in January, $280.
31 Revenues earned during the month included $17,500 cash and $2,700 on account.
31 Paid employees' salaries $3,600 and building rent $700. Record as a compound entry.
31 The business received $1,440 for auto screening services to be performed next month.
31 Williamson withdrew cash of $3,000.Accounts
Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Equipment; Accumulated DepreciationEquipment; Land; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable;Williamson, Capital; Williamson, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense;Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation ExpenseEquipment.
Adjustment Data
a) Office Supplies used during the month, $600.
b) Depreciation for the month, $180.
c) One-month insurance has expired.
Requirements:
Complete the following,
1) Prepare General Journal Entries and T- Accounts.
2) Prepare an unadjusted trial balance.
3) Prepare the adjusting entries and post to the T-accounts.
4) Prepare an adjusted trial balance.

Answer 1

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