Consider the data in Figure 5.23 for Drew’s Dance Studio:

Figure 5.23:

Adjustment Data
a. Insurance expired, $400.
b. Dance supplies on hand, $800.
c. Depreciation on dance equipment, $1,500.
d. Salaries earned by employees but not to be paid until December, $700.

Your task is to do the following:
1. Prepare a worksheet.
2. Journalize adjusting and closing entries.