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Accounting 1 ccountin Review Problem after Chapters 1 2 3 4 5 ABC Corporation had been formed on September 1, 20xx to repair automobiles. Requirements: A. Record the following transactions for the current month in the General Journal using the account titles from the following Chart of Accounts Cash, Accounts Receivable, Prepaid Insurance, supplies, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Income Taxes Dividends Payable, Unearned Revenue, Common Stock, Earnings, Dividends, Revenue, Salaries Expense, Supplies Expense, Depreciation Expense: Equipment; Utility Expense, Insurance Expense, Income Tax Expense, Income Summary. 1. Sold 10,000 shares of common stock for $10,000. 2. Bought equipment for $6,000 cash. 3. Purchased supplies for $2,000 on account. 4. Bought a one year insurance policy for $6,000 cash 5. Paid secretary S800 for the month. 6. Eamed S5,000 for repair work completed. Customer to pay next month. 7. Received $50 deposit on a repair which has yet to be completed. 8. Declared a dividend of S1,000. B. Post the journal entries to the General Ledger attached and calculate the ending balance in each account. Make sure you remember to include the beginning balances in the totals. C. Prepare the trial balance. D. Record the following adjusting journal entries in the General Journal and then post them to the General Ledger. 1. Record depreciation on the equipment for one month. Assume straight line depreciation. Assume a 5 year useful life

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