The following general ledger accounts and additional information are taken from the records of Wolfe Corporation at the end of its fiscal year, December 31, 2016.
Additional information:
a. The prepaid insurance is for a one-year policy, effective July 1, 2016.
b. A physical count indicated that $500 of supplies is still on hand.
c. $50 of December rent expense has not been recorded.

Required:
1. Record all necessary adjusting entries in general journal format including general ledger account numbers. Assume the following account numbers: Insurance Expense: 631; Supplies Expense: 668.
2. Post the adjusting entries to T-accounts and calculate balances.
3. Prepare all closing entries in general journal format. Include general ledger account numbers.
4. Post the closing entries to the applicable general ledger accounts.

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Cash 101Unused Supplies 173 Advertizing Exp. 610 Bal 2,700 Bal 700 Ba 200 Accounts Receivable110 Bal 2,000 Share Capita320 Salaries Expense 656 Bal 3,800 4,500 Prepaid Insurance 161 Repair Revenue 450 Rent Expense 654 Ba 1,200 Bal 7,750 Bal 250