LO$1$ PROBLEM $5\mathrm{.}5$BShort Comprehensivethrough Problem IncludingBoth Adjusting andLO$4$ Closing EntriesLOProblem Set Bext Jo olle on December$31.$ The firm's unadjusted trial bal$-$employment consulting services. The company adjusts its accountsmonthly but performsNextance dated December $31,2011,$ is shown on the following page.Other Data$1.$ Accrued but unrecorded and uncollected consulting fees earned total $$25,000$ at December $31,2.$ The company determined that $$15,000$ of previously unearned consulting services fees hadbeen earned at December $31,20113.$ Office supplies on hand at December $31$ total $$300\mathrm{.}4.$ The company purchased all of its equipment when it first began business. At that time, theestimated useful life of the equipment was six years $(72$ months$)\mathrm{.}5.$ The company prepaid its nine$-$month rent agreement on June $1,2011\mathrm{.}6.$ The company prepaid its six$-$month insurance policy on December $1,2011\mathrm{.}7.$ Accrued but unpaid salaries total $l$2,000$ at December $31,2011\mathrm{.}8.$ On September $1,2011,$ the company borrowed $$60,000$ by signing an eight$-$month, $4$ percentnote payable. The entire amount, plus interest, is due on March $1,2012\mathrm{.}9.$ The company's accounting firm estimates that income taxes expense for the entire year isS$50,000.$ The unpaid portion of this amount is due early in $2012.$Cash.Accounts receivabled.Office suppliesPrepaid renth.Unexpired insuranceOffice equipmentAccounts payable.Accumulated depreciation: office equipment..Notes payable $($due $3/1/12)$Interest payableIncome taxes payableDividends payable.Unearned consulting feesCapital stock $.$Retained earnings.DividendsConsulting fees earnedRent expenseInsurance expense.Office supplies expenseSalaries expenseDepreciation expense: office equipmentUtilities expenseInterest expenseIncome taxes expenseInstructionsNEXT JOB, INC.UNADJUSTED TRIAL BALANCEDECEMBER $31,2011$Totals$$276,50090,000$Prepare the necessary year$-$end closing entries$\mathrm{.}800$Prepare an after$-$closing trial balance$\mathrm{.}3,6001,50072,0003,00014\mathrm{.}7002,2004,50011,000330,0004,8003,00045,000$$$862,600237$$ $24,0004,00060,0006009,0003,00022,000200,000$a$.$ Prepare the necessary adjusting journal entries on December $31,2011.$ Also prepare anadjusted trial balance dated December $31,2011\mathrm{.}40,000$b$.$ From the adjusted trial balance prepared in part a$,$ prepare an income statement and statementof retained earnings for the year ended December $31,2011.$ Also prepare the company's bal$-$ance sheet dated December $31,2011\mathrm{.}500,000$$$862,600$e$.$ Compute the company's average monthly insurance expense for January through November of$2011$Compute the company's average monthly rent expense for January through May of $2011.$If the company purchased all of its office equipment when it first incorporated, for how longhas it been in business as of December $31,2011?$Assume that the company had a note payable outstanding on January $1,2011,$ that it paid offon April $1,2011.$ How much interest expense accrued on this note in $2011?$