ESSAY. Write your answer in the space provided or on a separate sheet of paper. 1) From the following data, journalize the adjusting entries in proper form for the quarter. Omit descriptions. (a) Equipment costing $2,120 with a residual value of $200 has an expected life of 48 months. (b) Accrued salaries of $250. (c) Supplies ledger balance $900, supplies on hand $100. 2) From the following data, prepare the adjustments for the month and record the appropriate debits and credits in T accounts. (a) Office equipment costing $14,400 with no residual value has a life expectancy of 6 years. (b) Supplies account balance $950, supplies on hand $50. (c) Prepaid Rent for one year $24,000, one month has expired. 3) In the first space below, indicate whether each account is a real or nominal account using (R) Real Account and (N) Nominal Account. In the second space below, indicate by an (X) if the account should be closed. N X 0. Advertising Expense ________ ________ 1. Prepaid Insurance ________ ________ 2. Service Fees ________ ________ 3. Depreciation Expense ________ ________ 4.Accumulated Depreciation ________ ________ 5. Salaries Payable ________ ________ 6. Prepaid Rent ________ ________ 7. Income Summary ________ ________ 8. Insurance Expense 2 4) Given the Income Statement columns and the Balance Sheet columns of the worksheet, prepare an income statement for the month ending July 31, 2023 for Vebal Company. Income Statement Balance Sheet Debit Credit Debit Credit Cash 10,000 Account Rec. 2,300 Office Supplies 200 F. Vebal, Capital 5,500 F. Vebal, With. 500 Repair Fees 6,600 3,600 6,600 6,600 5) Given the Income Statement columns and the Balance Sheet columns of the worksheet, prepare a Statement of Owner's Equity for the month ending July 31, 2023 for Vebal Company. Assume there were no additional investments of capital during the month. Income Statement Balance Sheet Debit Credit Debit Credit Cash 10,000 Account Rec. 2,300 Office Supplies 200 F. Vebal, Capital 5,500 F. Vebal, With. 500 Repair Fees 6,600 3,600 6,600 6,600 Salaries Exp. 1,800 Rent Expense 1,000 Office Sup. Exp. 200 Salaries Payable 200 3,000 6,600 13,000 11,200 6,600 13,000 13,000 Salaries Exp. 1,800 Rent Expense 1,000 Office Sup. Exp. 200 Salaries Payable 200 3,000 6,600 13,000 11,200 6,600 13,000 13,000 3 6) Given the income statement columns and the balance sheet columns of the worksheet, prepare a balance sheet dated December 31, 2022, for Centra Company. Trial Adjusted Income Balance Balance Adjustments Trial Balance Statement Sheet Accounts DR CR DR CR DR CR DR CR DR CR Cash 750 750 750 Accts. Rec. 400 400 400 Supplies 250 b 175 75 75 Prepaid Ins. 400 c 100 300 300 Equipment 7,000 7,000 7,000 Accts. Pay 900 900 900 Capital 6,000 6,000 6,000 Fees Earned 2,000 2,000 2,000 Wages Exp. 100 d 300 400 400 Totals 8,900 8,900 Depreciation Expense a 250 250 250 Accumulated Depreciation a 250 250 250 Supplies Expense b 175 175 175 Insurance Expense c 100 100 100 Wages Payable d 300 300 300 Total 825 825 9,450 9,450 925 2,000 8,525 7,450 Net Income 1,075 1,075 2,000 2,000 8,525 8,525