$2,3$ P$3-47.$ Assessing Financial Statement Effects of Transactions and Adjustments Across Two Periods Sloan Company has the following account balances at December $31,$ the end of its fiscal year $($all accounts have normal balances$).$

Required

a$.$ Prepare Sloan Company's accounting adjustments at December $31$ using the financial statement effects template and the following additional information.

Prepaid advertising at December $31$ is $$800.$

Unpaid wages earned by employees in December are $$2,600.$

Prepaid insurance at December $31$ is $$2,280.$

Unearned service fees at December $31$ are $$3,000.$

Rent revenue of $$1,000$ owed by a tenant is not recorded at December $31.$

b$.$ Use the financial statement effects template to record the following transactions on January $4$ of the following year:

Payment of $$4,800$ cash in wages.

Cash receipt from the tenant of the $$1,000$ rent revenue.