Next Job, Inc., provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on December 31. The firm's unadjusted trial balance dated December 31, current year, is shown as follows.
Other Data
1. Accrued but unrecorded and uncollected consulting fees earned total $25,000 at December 31, current year.
2. The company determined that $15,000 of previously unearned consulting services fees had been earned at December 31, current year.
3. Office supplies on hand at December 31 total $300.
4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years (72 months).
5. The company prepaid its nine-month rent agreement on June 1, current year.
6. The company prepaid its six-month insurance policy on December 1, current year.
7. Accrued but unpaid salaries total $12,000 at December 31, current year.
8. On September 1, current year, the company borrowed $60,000 by signing an 8-month, 4 percent note payable. The entire amount, plus interest, is due on March 1, next year.
9. The company's accounting firm estimates that income taxes expense for the entire year is $50,000. The unpaid portion of this amount is due early in the next year.

Instructions
a. Prepare the necessary adjusting journal entries on December 31, current year. Also prepare an adjusted trial balance dated December 31, current year.
b. From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year ended December 31, current year. Also prepare the company's balance sheet dated December 31, current year.
c. Prepare the necessary year-end closing entries.
d. Prepare an after-closing trial balance.
e. Compute the company's average monthly insurance expense for January through November of the current year.
f. Compute the company's average monthly rent expense for January through May of the current year.
g. If the company purchased all of its office equipment when it first incorporated, for how long has it been in business as of December 31, current year?
h. Assume that the company had a note payable outstanding on January 1, current year, that it paid off on April 1, current year. How much interest expense accrued on this note in the current year?

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NEXT JOB, INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, CURRENT YEAR $276,500 90,000 800 3,600 1,500 72,000 Accounts receivable Unexpired insurance Office equipment.... $24,000 4,000 60,000 600 9,000 3,000 22,000 200,000 40,000 Accounts payable... Income taxes payable Dividends payable... Unearned consulting fees Retained earnings.. . Dividends Consulting fees earned 3,000 500,000 14,700 2,200 4,500 11,000 330,000 4,800 3,000 45,000 Insurance expense Office supplies expense Salaries expense... . Utilities expense.... Interest expense.... Income taxes expense $862,600 862,600