Complete the worksheet one section at a time, beginning with the Adjustments columns. When completing the Adjustments column, enter a posting reference along with each debit or credit amount that corresponds to the letter of the adjusting entry (a., b., c., etc.). For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (If a box is not used in the worksheet, leave the box empty; do not select a label or enter a zero.)

Your task is to do the following

1. Prepare a worksheet.

2. Journalize adjusting and closing entries.

Adjustment Data Insurance expired, $200. b. Dance supplies on hand, $900. C. Depreciation on dance equipment, $1,200. d. Salaries earned by employees but not to be paid until December, $600. CI . Cash 45,000 10,000 800 Accounts Receivable Prepaid Insurance Dance Supplies Dance Equipment 1,700 22,000 22,000 10,200 Dance Equipment Accumulated Depreciation, Dance Equipment Accounts Payable D. Draper, Capital D. Draper, Withdrawals Dance Fees Earned 16,000 36,300 400 21,000 Dance Fees Earned 21,000 1,700 Salaries Expense Telephone Expense 800 1,100 Advertising Expense 83,500 83,500 Totals