ryMDC 1 M ms Dade C / M Full Cycle Account Hom, x /1613f601 fad53b38?projector= 1 &messagePart1d-02 Open with Google Docs Student Name: ld No. I. Completing the Accounting Cycle: a. Record all necessaries entries. b. Make all necessaries journals Adjustments Build Adjustment Trial Balance and Adjustment Trial Balance c. d. Prepare all Financials Reports (4 Principals Reports) On December 1, Tim Walker began an auto repair shop. Walker's Quality Automotive. The following transactions occurred during December Dec. 1 Walker contributed $48,000 cash to the business in exchange for shares of common stock. 1 Purchased $10,000 of equipment paying cash Paid $ 1 ,500 for a 4-month insurance policy starting on December 1 9 Paid $20,000 cash to purchase land to be used in operations 10 Prchased office supplies on account, $2,400 19 Borrowed $15,000 from the bank for business use. Walker signed a note payable to the bank in the name of the corporation. 22 Paid $1,300 for advertising expenses 26 Paid $600 on account 28 The business received a bill for utilities to be paid in January. $240. 31 Revenues earned during the month included $16,500 cash and $2,800 on account 31 Paid employees' salaries $3,500 and bulding rent $1,000. Record as a 31 The business received $1,140 for auto screening services to be performed next 31 Cash dividends of $5,000 were paid to stockholders compound entry month Page 1 2 a + .xisxA