Adjustment Data Adjustment data at December 31 follow: a. As of December 31, Middletown Music Studio had $800 of Prepaid Insurance remaining. b. At the end of the month, Middletown Music Studio had $1,100 of supplies remaining. c. Depreciation on the building is $3,200. d. Middletown Music Studio pays its employees weekly on Friday. Its employees earn $1,500 for a five-day workweek. December 31 falls on Wednesday this year. e. On November 20, Middletown Music Studio contracted to perform services for a client, receiving $2,800 in advance. Middletown Music Studio recorded this receipt of cash as Unearned Revenue. As of December 31, Middletown Music Studio has \$1,100 still unearned. Requirements 1. Journalize the adjusting entries on December 31. 2. The four-column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts. 3. Prepare the adjusted trial balance. 4. Assuming the adjusted trial balance has total debits equal to total credits, does this mean that the adjusting entries have been recorded correctly? Explain. Unadjusted Trial Balance Adjustment Data Adjustment data at December 31 follow: a. As of December 31, Middletown Music Studio had $800 of Prepaid Insurance remaining. b. At the end of the month, Middletown Music Studio had $1,100 of supplies remaining. c. Depreciation on the building is $3,200. d. Middletown Music Studio pays its employees weekly on Friday. Its employees earn $1,500 for a five-day workweek. December 31 falls on Wednesday this year. e. On November 20, Middletown Music Studio contracted to perform services for a client, receiving $2,800 in advance. Middletown Music Studio recorded this receipt of cash as Unearned Revenue. As of December 31, Middletown Music Studio has \$1,100 still unearned. Requirements 1. Journalize the adjusting entries on December 31. 2. The four-column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts. 3. Prepare the adjusted trial balance. 4. Assuming the adjusted trial balance has total debits equal to total credits, does this mean that the adjusting entries have been recorded correctly? Explain. Unadjusted Trial Balance