GROUP C PROBLEMS (Excel templates for all questions are available in MyLab Accounting) P4-1C. To: Peter George FROM: Anthony Hoang Re: Accounting Procedures Please prepare from the following information for Eco Document Disposal Company (attached), (1) a worksheet, along with (2) journalized adjusting entries for the year ending May 31, 2022. Adjustment Data a. Insurance expired, $510.75. b. Disposal supplies on hand, $723. c. Depreciation for the year on disposal equipment is based on the straight-line method, 12-year life, and a residual value of $1,225. d. Depreciation for the year on building is also straight-line, 20-year life, and a residual value of $25,000. e. Wages earned by employees but not due to be paid until June amounted to 36 hours at $18/hour plus 30 hours at $24/hour. Review of preparing a worksheet and journalizing adjusting entries 00 (25 min) Check Net Income $16,340.00 1 ECO DOCUMENT DISPOSAL COMPANY TRIAL BALANCE MAY 31, 2022 Dr. Cr. Cash Accounts Receivable 2221000 120000 Prepaid Insurance 68100 Disposal Supplies 154200 Disposal Equipment 1174000 Accumulated Depreciation, Disposal Equipment 701000 Building 4800000 Accumulated Depreciation, Building 2070000 Accounts Payable 466000 A. Hoang, Capital Disposal Fees Revenue Wages Expense Utilities Expense Advertising Expense 4868100 A. Hoang, Withdrawals : 1674200 527200 2824000 254400 87200 13377100 13377100