Michaelâs Plumbing Firm has the next transactions for the yeara. December 1 â Issued capital inventory for $50,000 to start out plumbing enterprise.b. December 1 – Paid fuel expense $500.c. December 1 – Paid one yr insurance coverage premium costing $three,600. d. December 2 – Acquired $three,000 for job to put in plumbing system in January subsequent yr.e. December eight â Plumbing repairs for 3 homes totaling $15,000 and billed clients.f. December 10 – Bought gear costing $eight,400 on credit score.g. December 12 – Bought provides costing $900 on credit score.h. December 23 â Plumbing providers accomplished and billed to clients for $1,500.i. December 24 – Paid for gear bought on December 10th.j. December 28 – Acquired $2,000 for the repairs achieved on December eighth.okay. December 31 – Paid a $1,000 dividend.Required:1. Put together journal entries for the above transactions. Make sure you establish them as a by means of okay.2. Submit the above transactions to T Accounts.three. Put together a Trial Stability.four. Put together adjusting entries in journal format and put up to T Accounts.Provides on Hand December 31 was $500.The Tools is to be depreciated over 48 months beginning with December.(HINT: Document one month depreciation expense).Wages owed however not paid on December 31 was $250.One month of insurance coverage has expired.5. Put together an Adjusted Trial Stability.6. Put together an Earnings Assertion, Assertion of Retained Earnings and a Stability Sheet.7. Put together closing entries in journal format and put up to the T Accounts.eight. Put together a Submit-Closing Trial Stability.
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