B

Bill opened Bill's Rug Cleaning. Inc.$($BRCI$)$ on January $1,2323$ The following transactions occurred

D

H

during the company's first year.

K

N

$3$

Cells

M

$1/1/23$ BRCI issued $$15,000$ of common stock for $$15,000$ in cash from its only investor, Bill

$3/1/23$ Purchased a used truck for $$28,000,$ paying $ $13,000$ in cash and signing a one year,

$4\%,-$note payable for the balance

$3/12/23$ Purchased cleaning supplies on account for $$2,600$

$4/1/23$ Paid $$3,260$ for a one$-$year insurance policy.

$5/1/23$ Billed customers $$19,500$ for cleaning services.

$6/1/23$ Paid $$1,000$ of the amount owed for cleaning supplies

$7/1/23$ Paid $$6,750$ for employee salaries.

$8/1/23$ Collected $$14,275$ from customers billed on May $1$

$11/1/23$ Paid gas and oil $$375$

$12/1/23$ Declared and paid a $$950$ dividend.

Instruictions:

$($a$).$ Journalize and post all transactions

$($b$).$ Prepare a unadjusted trial balance as of December $31,2023$

$($c$).$ Journalize and post the following adjusting entries for the year ended December $31$

$1).$ Earned but unbilled fees at December $31,$ were $ $19,300$

$2).$ Depreciation on the truck is $$273$ per month

$3).$ Expired insurance for the year.

$4).$ On December $31,$ there were $$157$ of cleaning supplies on hand.

$5).$ As of December $31,$ em ployees were due $$837$ in salaries that were yet unpaid

$6).$ Accrued interest expense on the note payable.

$($d$).$ Prepare an adjusted trial balance as of December $31,$

$($e$).$ Prepare the income statement, statement of retained earnings, and the balance sheet for the year