Garvey Company's unadjusted trial balance includes the following account balances as of December 31, 2022: Debits...

 

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Garvey Company's unadjusted trial balance includes the following account balances as of December 31, 2022: Debits $ 68,900 116,300 1,300 138,600 8,700 Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Notes Receivable (short-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable. Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Interest Revenue Supplies Expense Repairs and Maintenance Expense Rent Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Totals 50,000 277,800 26,400 17,800 3,000 $ 708,800 The following data are available to determine adjusting entries: Credits $ 64,500 104,100 21,600 9,200 87,400 216,100 143,500 40,500 21,900 $ 708,800 A) Insurance purchased at the beginning of July for $8,700 provided coverage for twelve months (July 2022 through June 2023). The insurance coverage for July through December totaling $4,350 has now been used. B) The company estimates $8,150 in depreciation each year. C) A count showed $85,700 of supplies on hand at the end of the year. D) An additional $260 of interest has been earned but has not yet been uncollected on the outstanding notes receivable. E) Services in the amount of $5,600 were performed for customers who had previously paid in advance. F) Services in the amount of $2,000 were performed; these services have not yet been billed or recorded. Required: a. Prepare the adjusting entries that are required at the end of the period. b. Prepare an adjusted trial balance by completing the related columns in the table below. Garvey Company's unadjusted trial balance includes the following account balances as of December 31, 2022: Debits $ 68,900 116,300 1,300 138,600 8,700 Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Notes Receivable (short-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable. Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Interest Revenue Supplies Expense Repairs and Maintenance Expense Rent Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Totals 50,000 277,800 26,400 17,800 3,000 $ 708,800 The following data are available to determine adjusting entries: Credits $ 64,500 104,100 21,600 9,200 87,400 216,100 143,500 40,500 21,900 $ 708,800 A) Insurance purchased at the beginning of July for $8,700 provided coverage for twelve months (July 2022 through June 2023). The insurance coverage for July through December totaling $4,350 has now been used. B) The company estimates $8,150 in depreciation each year. C) A count showed $85,700 of supplies on hand at the end of the year. D) An additional $260 of interest has been earned but has not yet been uncollected on the outstanding notes receivable. E) Services in the amount of $5,600 were performed for customers who had previously paid in advance. F) Services in the amount of $2,000 were performed; these services have not yet been billed or recorded. Required: a. Prepare the adjusting entries that are required at the end of the period. b. Prepare an adjusted trial balance by completing the related columns in the table below.