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The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January of this year. Transactions completed during the first year of operation were as follows:

The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 - Issued 600,000 shares of stock for $10,500,000. January 10 - Acquired equipment in exchange for $2,500,000 cash and a $5,500,000 note payable. The note is due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year period beginning or February 1. February 22 - Purchased $900,000 of supplies on account March 1 - Paid wages of $185,600 March 23 - Billed $2,820,000 for services rendered on account April 1 - Paid $110,000 of the amount due on the supplies purchased February 22. April 17 - Collected $240,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid bill for $96,200 for utilities. May 24 - Paid $42,500 for sales commissions. June 1 - Made the first payment on the note issued January 10. The payment consisted of $60,000 interest and $200,000 applied against the principal of the note. June 16 - Billed customers for $560,000 of services rendered. June 30 - Collected $300,000 on accounts receivable, July 10 - Purchased $155,000 of supplies on account. August 25 - Paid $160,000 for administrative expenses. September 23 - Paid $30,000 for warehouse repairs. October 1 - Paid general wages of $90,000. November 20 - Purchased supplies for $60,000 cash. December 15 - Collected $135,600 in advance for services to be provided in December and January. 2 XAV 4 Styles Editing Create and Share Request Dictate TELI Adobe PDF Signatures Paragraph Styles Adobe Acrobat Voice December 15 I Collected $135,600 in advance for services to be provided in December and Janu= December 30 - Declared and paid a $50,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders' Equity: 301 Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses: 501 Wage expense 502 Utility expense 503 Selling expense 504 Administrative expense 505 Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 520 Interest expense Other: 601 Income summary REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. 4. Journalize and post adjusting entries to the T accounts based on the following additional information: Eleven months of the insurance policy expired by the end of the vear a REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $410,000. C. The company provided $85,000 of services related to the advance collection of December 15. d. There are $520,000 of supplies on hand at the end of the year. e. An additional S180,000 of interest has accrued on the note by the end of the year. f. Wilson accrued wages of $210,000 at the end of the ear. 5. Prepare an adjusted trial balance as of December 31. 6. Prepare a single-step income statement and statement of retained earnings for the year ended December 31 and a classified balance sheet as of December 31. 7. Journalize and post the closing entries 8. Prepare a post-closing trial balance as of December 31. Submit your completed Excel workbook in Black Board under assignments by the due date. A B Date C Account and explanations D Acct # E Debit F Credit 1 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Journal entries Trial Balances Income Statement Statement of Retained earnings Ready Taccount A B F G H K D E Adjusting Journal Entires Debit Credit Unadjusted trial balance Debit Credit Adjusted trial balance Debit Credit Closip Entires Debit Credit Closed Trial Balance Debit Credit 1 Trial Balance Worksheets 2 3 4 Cash 5 Accounts receivable 6 Supplies 7 Prepaid insurance 8 Equipment 9 Accumulated depreciation 10 Accounts payable 11 Unramned service revenue 12. Wagrs payable 13 interest payable 14 Notes payable 15 Common stock 16 Retained earnings 17. Dividends 18 Service revent 19 Wape expense 20 Utilities expense 21 Selling expenses 22 Administrative expenses 21 ilepairs espene 24 insurance rense 25 interest Expense 25 Supplies per 27 Depreciation expense 26 29 10 31 12 35 16 37 Journal entries Trial Balances Income Statement Statement of Retained earnings Tacc Agdemu- Acrobat Home CAE cetonal Forma 5-369 CHO D John Marshal Company Income Statement for the Year ended 12/31/2009 2 EN 0 9 10 10 15 20 Type here to search Q W ER A John Marshal Company Statement of Retained Earnings for the Year ended 12/31/2019 $ $ 5 Balance January 1, 2019 5 7 3 9 10 11 12 13 14 15 16 17 18 19 20 21 Journal entries Trial Balances Income Statement Ready Statement of Retafed earning F A B Cash 101 D E F Accounts Rec 102 G H Notes Payable 220 Prepaid Insurance 10 M N Dividends 320 P Depreciation expense 505 Wage expense 501 Pepairs expense 505 Retained Earnings 31 Accumulated Depreciation 112 Supplies 103 Unearned service Revenue 202 Selling expenses 503 Supplies Expense 507 5 5 7 8 9 0 11 12 33 14 15 8 17 78 19 20 21 22 23 24 25 26 27 Service Revenue 401 Equipment 110 Interest Payable 210 Interest Expense 520 Unibes expense 502 Administrative Expenses 504 Acct Payable 201 Common Stock 301 Income Summary 601 32989888 Wages Payable 20 nsurance Expense 50 View Hels | General AutoSave Accounting die template (1) - Excel File Home not Page Layout Formulas Data Review Calbil -11AA Paste BLUE 4. a. ====== Aliment IA- ST $ - % Numbe E4 Income Suite of Retained earnings Taccounts Balance Sheet Type here to search 3

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