Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Fees Revenue...

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Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Fees Revenue Notes Payable Owner's Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense DECEMBER 31, 2021 Debit $ 39,500 48,850 1,960 1,100 25,000 9,750 30,500 1,080 720 $158,460 Credit 6,250 10,000 7,200 35,010 100,000 $158,460 O ilities Expenses Office Expense 1,080 720 $158,460 $158,460 Problems 1. Fees revenue earned for the year 2021 is $6,000. 2. Services performed for clients that were not recorded by December 31, $4,900. 3. Insurance expired during the year $480. 5. Equipment is being depreciated by 2,500 per year. 6. Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 202 1/3 7. Office salaries and wages incurred but unpaid December 31, 21, $2,510. Instructions (a) From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2021. (Omit explanations.) (b) Prepare ADJUSTED TRIAL BALANC (c) Prepare an income statement for 2021 and a classified balance sheet. d. Prepare closing entries and post to the T-Account e. Prepare a post-closing trial balance Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Fees Revenue Notes Payable Owner's Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense DECEMBER 31, 2021 Debit $ 39,500 48,850 1,960 1,100 25,000 9,750 30,500 1,080 720 $158,460 Credit 6,250 10,000 7,200 35,010 100,000 $158,460 O ilities Expenses Office Expense 1,080 720 $158,460 $158,460 Problems 1. Fees revenue earned for the year 2021 is $6,000. 2. Services performed for clients that were not recorded by December 31, $4,900. 3. Insurance expired during the year $480. 5. Equipment is being depreciated by 2,500 per year. 6. Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 202 1/3 7. Office salaries and wages incurred but unpaid December 31, 21, $2,510. Instructions (a) From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2021. (Omit explanations.) (b) Prepare ADJUSTED TRIAL BALANC (c) Prepare an income statement for 2021 and a classified balance sheet. d. Prepare closing entries and post to the T-Account e. Prepare a post-closing trial balance

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1 Adjusting journal entries Date Acc Title Debit Credit 1 Service Rev 6350 Unearned Revenue 6350 bei... View the full answer