NEED HELP

On December 1, Tim Walker began an auto repair shop. Walker's Quality Automotive. The following transactions occurred during December: (Click the icon to view the transactions.) Date Requirement 1. Prepare the journal entries, and post to the T-accounts. Begin by preparing the journal entries for the December transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Dec. 1: Walker contributed $64,000 cash to the business in exchange for capital. Accounts and Explanation Dec. 1 Walker, Capital Cash CD Owner contribution. The business uses the following accounts: (Click the icon to view the accounts.) Adjustment data: i (Click the icon to view the adjusting data.) Read the requirements. Debit 64000 Credit 64000 ht C 1. CC 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 "0" on the normal side of the account. (Abbreviation used: Depr.= Depreciation) Accounts Payable Dec. 1 Dec. 19 Dec. 31 Dec. 31 Cash Dec. 1 Dec. 1 Dec. 9 Dec. 22 Dec. 26 Dec. 31 Dec. 31 Dec. 31 Utilities Payable Dec. 28 Dec. 31 Dec. 31 Service Revenue Salaries Expense Time Remaining: 01:21:07 Dec. 31 Dec. 31 Submit test Requirement 2. Prepare an unadjusted trial balance. (Exclude any accounts with a zero balance from the trial balance.) Walker's Quality Automotive Unadjusted Trial Balance December 31, 2024 Account Title Balance Debit Credit Time Remaining: 01:20:58 Submit tes 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, $500. Date Dec. 31 Adj. (a) Accounts and Explanation b. Depreciation for the month, $150. Debit Credit Time Remaining: 01:20:47 Submit test ht C 1. b. Depreciation for the month, $150. Date Dec. 31 Adj. (b) Date Accounts and Explanation 800 c. One month insurance has expired. (On December 1, the business paid $1,600 for a 8-month insurance policy starting on December 1.) Accounts and Explanation Debit AK 7 Credit Debit Credit Time Remaining: 01:20:42 1308 Submit test d. Accrued Interest Expense, $90. Date Dec. 31 Adj. (d) COLOR Accounts and Explanation Debit Credit Post the adjusting entries to the T-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 adjustment and corresponding letters as posting references-"Adj. (a)", "Adj. (b)", etc. Use a "Bal." posting reference on the last line of each T-account to show the adjusted balance of each account. Time Remaining: 01:20:27 Submit test 1,300 Cash Accounts Receivable Accounts Payable Utilities Payable Interest Payable Service Revenue Salaries Expense Rent Expense Time Remaining: 01:20:14 Submit test Requirement 4. Prepare an adjusted trial balance. Account Title Walker's Quality Automotive Adjusted Trial Balance December 31, 2024 Balance Debit Credit E 16-09-05 Requirement 5. Complete the worksheet for the month ended December 31, 2024. (Abbreviations used: Depr. Depreciation and Equip. Equipment.) Account Title Cash Accounts Receivable Office Supplies Walker's Quality Automotive Worksheet (Partial) December 31, 2024 Adjusted Trial Bajance Debit Credit Income Statement Debit Credit Debit Time Remaining: 01:19:56 1309 Balance Sheet Credit Submit test C XXX Requirement 6. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. Begin by preparing the income statement. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Walker's Quality Automotive Income Statement Month Ended December 31, 2024 Time Remaining: 01:19:46 Submit test 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 a "0" for any zero balances.) Walker's Quality Automotive Statement of Owner's Equity Month Ended December 31, 2024 Walker, Capital, December 1, 2024 Walker, Capital, December 31, 2024 Time Remaining: 01:19:38 Submit test Prepare the classified balance sheet in report form as of December 31, 2024. Begin by preparing the asset section of the balance sheet and then prepare the liabilities and owner's equity sections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Walker's Quality Automotive Balance Sheet December 31, 2024 Assets Time Remaining: 01:19:30 Submit test 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 Dec. 31 Clos. (1) Close expenses for the period. Accounts and Explanation Debit Credit Time Remaining: 01:19:21 Submit test Close Income Summary. Date Dec. 31 Clos. (3) Close withdrawals. Date Dec. 31 Cine (4) Accounts and Explanation Accounts and Explanation Det Debit Credit Credit Time Remaining: 01:19:12 Submit test: XXX Post the closing entries to the T-accounts. First, enter "Bal." 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 "0" 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. Cash Accounts Payable. Utilities Payable Service Revenue Salaries Expense Time Remaining: 01:19:01 1300 Submit test Requirement 8. Prepare a post-closing trial balance. Walker's Quality Automotive Post-Closing Trial Balance December 31, 2024 Account Title Balance Debit Credit Time Remaining: 01:18:53 Submi More info Dec. 1 Dec. 1 Dec. 1 Dec. 9 Dec. 10 Dec. 19 Dec. 22 Dec. 26 Dec. 28 Dec. 31 Dec. 31 Dec. 31 Dec. 31 1 Walker contributed $64,000 cash to the business in exchange for capital Purchased $0,000 of equipment paying cash Paid $1,600 for a eight-month insurance policy starting on December 1. Paid $28,000 cash to purchase land to be used in operations. Purchased office supplies on account $2.300 Borrowed $33,000 from the bank for business use. Walker signed a note payable to the bank in the name of the corporation. The note is due in five years. Paid $750 for advertising expenses Paid $400 on account The business received a bill for utilities to be paid in January $180. Revenues eamed during the month included $14,500 cash and $2.600 on account. Paid employees' salaries $3,600 and building rent $500. Record as a compound entry The business received $1,110 for auto screening services to be performed next month. Waker withdrew cash of $4.000 ** @2 * F2 Q W AS Print #3 80 E R Done 54 points) possible Time Remaining: 01:18:35 888 R % 65 5 FS T MacBook 6 Submit A FA Y cember 1, Tim Walker began an auto repair shop, er's Qual Decem Click the Accumula More info The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Equipment; Accumulated Depreciation Equipment; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; Walker, Capital; Walker, 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 a.) se On December 1, Tim Walker began an auto repair shop, Walker's Quality Automotive. The following transactions occurred during December: (Click the icon to view the More info Equipment Accumulated Depr.-Eq The business uses the following accounts: Click the accounts.) a. Office Supplies used during the month, $500. b. Depreciation for the month, $150. c. One month insurance has expired. d. Accrued Interest Expense, $90. Print Done - X he adjusting data.) surance Expense nterest Expense