E 21 AaBbCcDdEe AaBbCcDdEe AaBbCcD AaBbCcDd v Normal No Spacing Heading 1 Heading 2 Part 4: Adjusting Entries 10 Points Prepare the following adjusting entries. Duncan Services initially records prepaid expenses as expenses, and uneamed revenues as revenues. Then at the end of the year, they make the necessary adjustments to the accrual basis. On July 1, Duncan paid rent for office space in the amount of $12,000 for the period July 1 through June 30 of the following year. Please provide the adjusting entry that would be needed on July 31". Duncan Services initially records prepaid expenses as expenses, and uneamed revenues as revenues. Then at the end of the year, they make the necessary adjustments to accrual basis. On December 15, Duncan collected revenues of $1,000 in advance from a new client, and agreed to provide services to the client for the period of December 15 through January 15 of the following year. Please provide the adjusting entry that would be needed on December 31". Part 5: Closing Entrie 15 Points The following is the adjusted trial balance for Tuttle Photography, Accounts Credit Debit $15,000 30,000 7,500 3,200 40,000 160,000 $12.00 75,000 Accounts receivable Prepaid insurance Office supplies Land Building Accumulated depreciation Equipment Accumulated depreciation Accounts payable Salaries payable Unearned service revenue Mortgage payable R. Tuttle, capital R. Tuttle drawing Service revenue Salaries expense Depreciation expense Supplies expense Insurance expense Utilities expense 8.500 12,000 2.000 25000 100.000 21,2% 23,000 289,000 6100 6 15 14,040 14.000 20,900 $469.790 $469.79 Using the information from the worksheet above, prepare the closing entries. DR CR