Bullseye Market Research Company (BMRC) specializes in conducting focus groups for businesses launching a new product. BMRC analyzes customer likes and dislikes to ensure new products will be successful.

You are the accounting manager. Your staff submitted the above trial balance for December 31, 2017. In your review, you discover the following additional information that has not been included in the trial balance.
a. Theequipmenthasanestimatedusefullifeof16years.Ifyouneedtocreateanewaccount, use account number 604.
b. Employees were paid $3,100 for ten days of work. This payroll included 2 days of payroll in December that were not recorded at year-end. If you need to add an account, use account number 202.
c. On December 31, BMRC completed a focus group for a client on handbags. An invoice was sent to the company for $5,000 due January 31, 2018.
d. On December 31, the company completed a market research report for a client. The client had prepaid $3,000 for this service in November.

Required
1. Prepare the missing adjusting entries for transactions a-d. 

2. Prepare an adjusted trial balance. 

3. Based on your adjusted trial balance, prepare the closing entries.

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Credit No. Account Debit Accounts payable. 201. 100 108 Accounts receivable 2,000 Accumulated depreciation, equipment . 168 7,250 184 Accumulated depreciation, office furniture. 3,100 $ 1,500 101 Cash.. 302 Consulting revenue 44,000 Copyright.. Dan Eagle, capital.. Dan Eagle, withdrawals Depreciation expense, office furniture Equipment . Insurance expense 194 4,200 251 24,715 301 3,500 606 700 167 16,000 633 600 401 Interest income.. 70 623 Interest expense. 30 233 Long-term notes payable. 4,000 145 Notes receivable . 5,000 Office furniture .. Short-term investments. 183 5,100 104 4,000 126 750 Supplies.. 637 Supplies expense. 2,150 652 Telephone expense 470 Unearned consulting revenue. Utilities expense 203 3,375 3,230 688 612 Wages expense 37,380 Totals... $86,610 $86,610