At the end of the fiscal year December 31st 2022, Time2Clean Services prepared their financial reports and discovered the following information: 1. Time2Clean’s Supplies account at December 31 are $210. During the year, $1,500 of Supplies were purchased. On January 1st 2022, the account had a balance of $340. 2. 6 months rent period of $4,200 ending on March 1st, 2023 is due to be paid in April 2023. 3. Purchased $3,980 of new equipment in late December but debited to Utilities Expense instead. 4. Time2Clean paid for one-year fire insurance on September 30th, 2022 at $960. Previously, the business also purchased a 2 years insurance policy for $2,400 on June 1st. 5. The Accumulated Depreciation on Machinery at December 31st, 2021 showed the balance of $13,200. In 2022, the annual depreciation is estimated to be $4,400. 6. The business has five employees who earned $250 per day. Wages and salaries are paid every two weeks on Friday for five days work week. The lastest payment was made on December 20th. 7. The Unearned Service Revenue account had $25,750 credit balance on January 1st, 2022. This balance included $13,460 for the service expiring in June and $12,290 for the service expiring in October. On July 31st, the business received $4,800 from The Star for the services to be provided within 10 months. By the end of the year, only 40% of the work had not been performed. On November 1st, the business received $1,260 from White Palace for the services lasting 3 months. 8. Time2Clean signed a note $21,000 on August 15th. The note is dued in 6 months with 8% interest rate. I

nstructions:

 (a) Preparing necessary adjusting entries by the year ended December 31,2022. 

(b) Post to T-accounts all related transactions above.

Answer rating: 100% (QA)

a Preparing necessary adjusting entries by the year ended December 31 2022 1 Supplies Supplies Expense ... View the full answer