11 GLO401 - Based on... LO C3, P2, P3 23 points Skloped eBook The Sweet Homes Company began operations on December 1, 2019. The unadjusted trial balance of the Sweet Homes Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Sweet Homes Company found in chapter 3 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have a 4-year useful life, and be worth about $11,000 at the end of four years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry, if any. 4) On December 26, the client paid a 37.200 60 day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Sweet Homes's sole employee earns $130 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries payable, and prepare the necessary adjusting entry, if any 6) In the second week of December, Sweet Homes agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $6,060. The terms of the initial agreement call for Sweet Homes to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Sweet Homes $6,060 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. Prepare the required adjusting and closing entries for the Sweet Homes Company Print References General General Requirement Income Journal Trial Balance St Owner Ledger Statement Equity Balance Sheet Work Sheet General Journal tab for transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Then prepare the required closing entries. General Ledger tab. Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances, Trial balance tab You may view either the unadjusted, adjusted, or post.closing balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs Income Statement, Statement of Owner's Equity, Balance Sheet tabs - The financial statements will display the unadjusted, adjusted, or post-closing balances, based on your selection. Worksheet tab - Prepare the worksheet, and compare the amounts reported on the worksheet with the amounts reported on the financial