Acme provides services to both individuals and business. In order to prepare a realistic trial balance, the
events described below are aggregations of many individual events/transactions during the year.
a. Common stock was issued for $22,000 on January 1, 2021.
b. During the year, ACME paid office rent of $13,500.
c. Utilities expenses incurred and paid were $5,320.
d. Bought an 18-month business protection insurance policy for $1,800 on January 1, 2021.
e. Wages of $58,800 were earned by employees and paid during the year.
f. During the year, ACME provided services:
a. On credit $128,200
b. For Cash $18,650
g. ACME purchased $59,110 of supplies on credit.
h. ACME paid dividends in the amount of $3,500.
i. ACME collected accounts receivable in the amount of $109,400.
j. Paid creditors $47,250 for supplies purchased during the year.
k. The supplies left in the supply closet totaled $7,950.
l. Services performed late in December, but not yet recorded totaled $2,375.

Required:
2. Post journal entries to the appropriate T-accounts.
3. Prepare any necessary adjusting journal entries and post to the appropriate T-accounts.
5. Prepare a single step income statement.
6. Prepare a statement of retained earnings.
8. Prepare all closing entries.