December 1, Gary Walker began an auto repair shop, Walkers Quality Automotive. The following transactions occurred during December: (Click the icon to view the transactions.) 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 Walker contributed $58,000 cash to the business in exchange for shares of common stock. Purchased $15,000 of equipment paying cash. Paid $3,000 for a ten-month insurance policy starting on December 1. Paid $18,000 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 $2,000 for advertising expenses. Paid $1,100 on account. The business received a bill for utilities to be paid in January, $260. Revenues earned during the month included $18,000 cash and $2,900 on account. Paid employees' salaries $3,700 and building rent $1,600. Record as a compound entry. The business received $1,090 for auto screening services to be performed next month. Paid cash dividends of $6,000 to stockholders. Print Done X The business uses the following accounts: i (Click the icon to view the accounts.) Adjustment data: (Click the icon to view the adjusting data.) Read the requirements. More info Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Equipment; Accumulated Depreciation Equipment; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; Common Stock; Retained Earnings; Dividends; Income Summary; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. More info a. Office Supplies used during the month, $1,400. b. Depreciation for the month, $250. c. One month insurance has expired. d. Accrued Interest Expense, $110. Print - X Done X