Student Name ld No I Completing the Accounting Cycle a Recor

Student Name: ld No. I. Completing the Accounting Cycle: a. Record all necessaries entries. b. Make all necessaries journals Adjustments Build Adjustment Trial Balance and Adjustment Trial Balance c. d. Prepare all Financials Reports (4 Principals Reports) On December 1, Tim Walker began an auto repair shop, Walker\'s Quality Automotive. The following transactions occurred during December Dec. 1 Walker contributed $48,000 cash to the business in exchange for shares of common stock 1 Purchased $10,000 of equipment paying cash. Paid $1,500 for a 4-month insurance policy starting on December 1 9 Paid $20,000 cash to purchase land to be used in operations 10 Púrchased office supplies on account, $2,400 19 Borrowed $15,000 from the bank for business use. Waker signed a note payable to the bank in the name of the corporation Paid $1,300 for advertising expenses 22 26 Paid $600 on account. 28 31 The business received a bill for utilities to be paid in January, $240 Revenues earned during the month included $16,500 cash and $2,800 on account. 31 Paid employees\' salaries $3,500 and building rent $1,000. Record as a 31 The business received $1,140 for auto screening services to be performed next 31 Cash diidends of $5,000 were paid to stockholders compound entry month Page 1 2 a +

Solution

Date

Account Titles

Debit

Credit

Dec 1

Cash

48000

Walker, Capital

48000

1

Equipment

10000

Cash

10000

1

Prepaid Insurance

1600

Cash

1600

9

Land

20000

Cash

20000

10

Office Supplies

2400

Accounts Payable

2400

19

Cash

15000

Notes Payable

15000

22

Advertising Expenses

1300

Cash

1300

26

Accounts Payable

600

Cash

600

28

Utilities Expense

240

Utilities Payable

240

31

Cash

16500

Accounts Receivable

2800

Service Revenue

19300

31

Salaries Expense

3500

Rent Expense

1000

Cash

4500

31

Cash

1140

Unearned Revenue

1140

31

Walker, Withdrawals

5000

Cash

5000

Date	Account Titles	Debit	Credit
Dec 1	Cash	48000
	Walker, Capital		48000
1	Equipment	10000
	Cash		10000
1	Prepaid Insurance	1600
	Cash		1600
9	Land	20000
	Cash		20000
10	Office Supplies	2400
	Accounts Payable		2400
19	Cash	15000
	Notes Payable		15000
22	Advertising Expenses	1300
	Cash		1300
26	Accounts Payable	600
	Cash		600
28	Utilities Expense	240
	Utilities Payable		240
31	Cash	16500
	Accounts Receivable	2800
	Service Revenue		19300
31	Salaries Expense	3500
	Rent Expense	1000
	Cash		4500
31	Cash	1140
	Unearned Revenue		1140
31	Walker, Withdrawals	5000
	Cash		5000