i X - More Info Dec. 1 Williamson contributed $45,000 cash to the business in exchange for capital. 1 Purchased $10,800 of equipment paying cash. 1 Paid $2,400 for a eight-month insurance policy starting on December 1. 9 Paid $28,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $2,800. 19 Borrowed $18,000 from the bank for business use. Williamson signed a note payable to the bank in the name of the business. The note is due in five years. 22 Paid $1,900 for advertising expenses. 26 Paid $1,100 on account. 28 The business received a bill for utilities to be paid in January, $260. 31 Revenues earned during the month included $19,500 cash and $3,400 on account 31 Paid employees' salaries $4,200 and building rent $1,600. Record as a compound entry. 31 The business received $1,270 for auto screening services to be performed next month. 31 Williamson withdrew cash of $4,000. Print Done X More Info Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Equipment; Accumulated Depreciation-Equipment; Land; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; Williamson, Capital; Williamson, Withdrawals; Income Summary, Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. Print Done i X More Info a. Office Supplies used during the month, $600. b. Depreciation for the month, $180. c. One month insurance has expired. d. Accrued Interest Expense, $50. Print Done i Requirements 1. Prepare the journal entries, and post to the Taccounts. 2. Prepare an unadjusted trial balance. 3. Prepare the adjusting entries, and post to the T-accounts. 4. Prepare an adjusted trial balance. 5. Complete the worksheet for the month ended December 31, 2016. 6. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. 7. Prepare the closing entries, and post to the T-accounts. 8. Prepare a post-closing trial balance. Print Done Requirement 1. Prepare the journal entries, and post to the accounts. Begin by preparing the journal entries for the December transactions (Record debits first then credits. Select the planation on the last line of the journal entry table) Dec. 1: Williamson contributed $45,000 cash to the business in exchange for capital Accounts and Explanation Credit Dec 1 Date Debit Dec. 1: Purchased $10,800 of equipment paying cash. Date Accounts and explanation Debit Credit Dec 1 Dec. 1: Paid $2.400 for a eight-month insurance policy starting on December 1 Dute Accounts and Explanation Dec 1 Debit Credit Dec. 9: Paid $28,000 cash to purchase land to be used in operations. Accounts and Explanation Deco Date Debit Credit Dec. 10Purchased office supplies on account, $2,800 Date Accounts and Explanation Debit Credit Dec. 10 Choose from any list or enter any number in the input fields and then continue to the next question. Dec. 19. Borrowed $18,000 from the bank for business use Williamson signed a note payable to the bank in the name of the business. The note is due in five years. Accounts and Explanation Debit Credit Date Dec 19 Dec. 22. Paid $1,900 for advertising expenses. Date Accounts and Explanation Dec. 22 Debit Credit Dec 26: Paid $1,100 on account. Date Dec 26 Accounts and Explanation Debit Credit Dec 28- The business received a bill for utilities to be paid in January $260 Date Accounts and Explanation Dec. 28 Debit Credit Dec 31: Revenues earned during the month included $19,500 cash and $3,400 on account. (Prepare a single compound entry for this transaction) Accounts and Explanation Credit Dec 31 Date Debit Dec 31: Paid employees salaries $4.200 and building rent $1,600. Record as a compound entry Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Dec 31: Paid employees salaries $4,200 and building rent $1,600. Record as a compound entry Accounts and Explanation Dec. 31 Date Debit Credit Dec 31: The business received $1.270 for auto screening services to be performed next month. Date Accounts and Explanation Debit Dec 31 Credit Dec 31: Williamson withdrew cash of $4,000 Date Accounts and Explanation Dec 31 Debit Credit Post the transactions to the T-accounts. Use the transaction dates as posting references. If posting more than one entry on the same date to a single account post to that account in the same order as you prepared the entries above. Use a Bal posting reference to show the ending balance of each account. For any accounts with a zero balance, select the "Bal.posting reference and enter a "* on the normal side of the account. Cash Accounts Payable Service Revenue Utilities Payable Salaries Expense Accounts Receivable Interest Payable Rent Expense Choose from any list or enter any number in the input fields and then continue to the next question. 2 Prepaid Insurance Notes Payable Advertising Expense Equipment Williamson, Capital Supplies Expense Accumulated Depr.-Equipment Williamson, Withdrawals Insurance Expense Land Interest Expense Depreciation Expense-Equipment Requirement 2. Prepare an unadjusted trial balance (Exclude any accounts with a zero balance from the trial balance) Williamson's Quality Automotive Unadjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Prepare an unadjusted trial balance (Exclude any accounts with a zero balance from the trial balance) Williamsonis Quailty Automotive Unadjusted Trial Balance December 31, 2016 Balance Account Title Credit Debit Total Requirement 3. Prepare the adjusting entries and post to the T-accounts. Begin by preparing the adjusting entries (Record debits first, then credits. Select the explanation on the last line of the journal entry table) a Office Supplies used during the month, 8600 Date Accounts and Explanation Credit Dec. 31 Ads) Debit b. Depreciation for the month $180 Date Accounts and Explanation Debit Credit Dec 31 Ads. (b) Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 3. Prepare the adjusting entries and post to the T-accounts Begin by preparing the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Office Supplies used during the month, $600. Date Accounts and Explanation Credit Dec 31 A. (a) Debit Accounts and Explanation Debit b. Depreciation for the month $180 Date Dec 31 Adj. b) Credit c. One month insurance has expired (On December 1, the business paid $2,400 for a 8-month insurance policy starting on December 1) Date Accounts and Explanation Debit Credit Dec. 31 Ad (C) d. Accrued Interest Expense, $50. Date Dec 31 Accounts and Explanation Debit Credit Add Post the adjusting entries to the accounts. First, enter the unadjusted balances of the accounts ("Bal") from requirement 2. For accounts with a zero unadjusted balance, do not make an unadjusted balance entry. Then use the adjustinent and corresponding letters as posting references "Adj. (ar. "Adi (b). ete. Use a "Bal posting reference on the last line of each T-account to show the adjusted balance of each account. Accounts Payable Service Revenue Cash Choose from any list or enter any number in the input fields and then continue to the next question. 2 Utilities Payable Salaries Expense Accounts Receivable Interest Payable Rent Expense Office Supplies Unearned Revenue Utilities Expense Prepaid Insurance Notes Payable Advertising Expense Equipment Williamson, Capital Supplies Expense Accumulated Depr.-Equipment Williamson, Withdrawals Insurance Expense Land Interest Expense Depreciation Expense-Equipment Choose from any list or enter any number in the input fields and then continue to the next question Requirement 4. Prepare an adjusted trial balance. Williamson's Quality Automotive Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Total Requirement 5. Complete the worksheet for the month ended December 31, 2016 Williamson's Quality Automotive Worksheet (Partial) December 31, 2016 Adjusted Trial Balance Statement Account Title Debit Credit Debit Cash Accounts Receivable Choose from any list or enter any number in the input fields and then continue to the next question Income Balance Sheet Credit Debit Credit Requirement 5. Complete the worksheet for the month ended December 31, 2016 Williamson's Quality Automotive Worksheet (Partial December 31, 2016 Adjusted Income Trial Balance Statement Debit Credit Debat Credit Balance Sheet Debit Credit Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depe-Equip Land Accounts Payable Utilities Payable Interest Payable Unearned Revenue Notes Payable Williamson, Capital Williamson, Withdrawals Service Revenue Salaries Experise Rent Expense Utilities Expense Advertising Experise Supplies Expense Insurance Expense interest Expense Dept. Expenne-Equip Net income or loss Requirement 6. Prepare the income statement, the statement of owner's equity, and the unclassified balance sheet in account form Begin by preparing the income statement. (1f a box is not used in the staternent, leave the box empty, do not select a label or enter a zero.) Williamson's Quality Automotive Income Statement Month Ended December 21, 2016 Choose from any list or enter any number in the input fields and then continue to the next question Requirement 6. Prepare the income statement, the statement of owner's equity, and the unclassified balance sheet in account form. Begin by preparing the income statement. (If a box is not used in the staternent, leave the box empty do not select a label or enter a zero.) Williamson's Quality Automotive Income Statement Month Ended December 21, 2016 Net Income (Loss) Prepare the statement of owner's equity. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Enter af for any zeto balances. Use a minus signor parentheses to show a decrease in capital.) Williamson's Quality Automotive Statement of Owner's Equity Month Ended December 31, 2016 Williamson, Capital, December 1, 2016 Williamson, Capital, December 31, 2016 Prepare the classified balance sheet in report form as of December 31, 2016. Begin by preparing the asset section of the balance sheet and then prepare the liabilities and owner's equity sections of a box is not used in the balance sheet, leave the box empty, do not select a tabet or enter a zero) Williamson's Quality Automotive Balance Sheet December 31, 2016 Assets Choose from any list or enter any number in the input fields and then continue to the next question. Prepare the classified balance sheet in report form as of December 31, 2016. Begin by preparing the asset section of the balance sheet and then prepare the abilities and owner's equity sections (if a box is not used in the balance shees, leave the box empty, do not select a fabel or enter a zero) Williamson's Quality Automotive Balance Sheet December 31, 2010 Assets Less Liabilities Owner's Equity UNI tequirement 7. Prepare the closing entries and post to the T-accounts. egin by preparing the closing entries (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues Accounts and Explanation Credit Dec 31 Date Debit hoose from any list or enter any number in the input fields and then continue to the next question. Requirement 7. Prepare the closing entries and post to the T-accounts. Begin by preparing the closing entries (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Start by closing revenues Date Accounts and Explanation Debit Credit Dec 31 Clos (1) Close expenses for the period. Date Accounts and Explanation Debit Credit Dec 31 Clos (2) Accounts and Explanation Debit Credit Close Income Summary Date Dec 31 Clos (3) Close withdrawal Date Accounts and Explanation Debit Credit Dec 31 Clos. (4 Post the closing entries to the T-accounts. First, enter Bat' and the adjusted balance of each account from requirement 4 Then, use "Clos"and the corresponding number as shown in the journal entry as posting references-"Clos (1). Clos (2),etc. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal") of each account (including those that were not closed) For any accounts with a zero balance after closing, enter a "O on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal" before posting the entry to close out the account Post the entry to close Income Summary account on the same line as you entered the balance prior to closing the second line) and then show the post-closing balance (Bal) on the last (third) line of the Choose from any list or enter any number in the input fields and then continue to the next question, Post the closing entries to the accounts. First, enter "Bal" and the adjusted balance of each account from tequirement 4. Then, use "Clos" and the corresponding number as shown in the journal entry as posting references-"Clos.(1. "Clos(2),etc. Post any closing entries to the accounts and then calculate the post-closing balance (Bal) of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a 'O' on the normal side of the account. For Income Summary calculate and enter the balance ("Bal") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing the second line) and then show the post-closing balance (Bal) on the last third) line of the account Accounts Payable Service Revenue Cash Utilities Payable Salaries Expense Accounts Receivable Interest Payable Rent Expense Office Supplies Uneared Revenue Philities Expense Prepaid Insurance Notes Payable Advertising Expense Equipment Williamson, Capital Supplies Expense Accumulated Depr.-Equipment Williamson, Withdrawals Insurance Expense Land Income Summary Interest Expense Depreciation Expense-Equipment Choose from any list or enter any number in the input fields and then continue to the next question Equipment Williamson, Capital Supplies Expense Accumulated Depe-Equipment Williamson, Withdrawals Insurance Expense Land Income Summary Interest Expense Depreciation Expense-Equipment Requirement 8. Prepare a post-closing trial balance Williamson's Quality Automotive Post-Closing Trial Balance December 31, 2016 Balance Account Title Debit Credit Total Choose from any list or enter any number in the input fields and then continue to the next