ACCT 215 (CT) Accounting Cycle Problem The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 Issued 600,000 shares of stock for $10,300,000. January 10 Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is due in ten years February 1 Paid $12,000 for a business insurance policy covering the two on February 1. February 22 Purchased $900,000 of supplies on account March 1 Paid wages of $185,600 March 23 Billed $2,810,000 for services rendered on account April 1 Paid $120,000 of the amount due on the supplies purchased February 22. April 17 Collected $300,000 of the accounts receivable May 1 Paid wages of $200,400. May 8 Received and paid bill for $96,000 for utilities. May 24 Paid $44,000 for sales commissions. June 1 Made the first payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest and $200,000 applied against the principal of the note. June 16 Billed customers for $520,000 of services rendered. June 30 Collected $310,000 on accounts receivable. July 10 Purchased $150,000 of supplies on account. August 25 Paid $155,000 for administrative expenses. September 23 Paid $31,000 for warehouse repairs. October 1 Paid general wages of $91,000. November 20 Purchased supplies for $61,000 cash. December 15 Collected $145,000 in advance for services to be provided in December and January. December 30 Declared and paid a $55,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders Equity: 301 Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses: 501 Wage expense 502 Utility expense 503 Selling expense 504 Administrative expense 505 Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 520 Interest expense Other: 601 Income summary REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services related to the advance collection of December 15. d. There are $545,000 of supplies on hand at the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of the year. f. Mars.

1. ACCT 215 (CT) Accounting Cycle Problem The John Marshall Company, Inc., which provides
consulting services to major utility companies, was formed on January 2 of this year. Transactions
completed during the first year of operation were as follows: January 2 Issued 600,000 shares of
stock for $10,300,000. January 10 Acquired equipment in exchange for $2,600,000 cash and a
$5,100,000 note payable. The note is due in ten years February 1 Paid $12,000 for a business
insurance policy covering the two on February 1. February 22 Purchased $900,000 of supplies on
account March 1 Paid wages of $185,600 March 23 Billed $2,810,000 for services rendered on
account April 1 Paid $120,000 of the amount due on the supplies purchased February 22. April 17
Collected $300,000 of the accounts receivable May 1 Paid wages of $200,400. May 8 Received
and paid bill for $96,000 for utilities. May 24 Paid $44,000 for sales commissions. June 1 Made
the first payment of 250,000 on the note issued January 10. The payment consisted of $50,000
interest and $200,000 applied against the principal of the note. June 16 Billed customers for
$520,000 of services rendered. June 30 Collected $310,000 on accounts receivable. July 10
Purchased $150,000 of supplies on account. August 25 Paid $155,000 for administrative
expenses. September 23 Paid $31,000 for warehouse repairs. October 1 Paid general wages of
$91,000. November 20 Purchased supplies for $61,000 cash. December 15 Collected $145,000
in advance for services to be provided in December and January. December 30 Declared and
paid a $55,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses
is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110
Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service
revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders Equity: 301
Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses:
501 Wage expense 502 Utility expense 503 Selling expense 504 Administrative expense 505
Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 520
Interest expense Other: 601 Income summary REQUIRED: Utilizing the information provided
above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the
transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial
balance as of December 31. 4. Journalize and post adjusting entries to the T accounts based on
the following additional information: a. Eleven months of the insurance policy expired by the end of
the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services
related to the advance collection of December 15. d. There are $545,000 of supplies on hand at
the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of
the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial
balance as of December 31. 6. Prepare a single-step income statement and statement of retained
earnings for the year ended December 31 and a classified balance sheet as of December 31. 7.
Journalize and post the closing entries 8. Prepare a post-closing trial balance as of December 31.
Please help with only the post-closing trial balance.