Noah B Access Computing Adjusting entries Practice Problem Using the unadjusted Trial Balance from Access computing and the following information, prepare the necessary adjusting entries for Access Computing, Inc. at 12/31/2016. 1) The count of supplies on hand at 12/31/16 was $1,500. Please adjust the supplies account to actual. 2) The entire uneared revenue balance was eamed at 12/31/2016 3) Employees have earned 5 days wages at 12/31/2016. The wages will not be paid until 2017 Daily payroll is $100 per day 4) At 12/31/2016, $1200 of work had been completed but the customer will not pay us until 2017. 5) The computer equipment that was purchased on 12/1 for $15,000 has a 5 year useful life and a $3,000 salvage value. Record December (1 month) depreciation. 6) Adjust the prepaid Insurance account for the expired insurance. The insurance was originally purchased on 12/1/16 for $9,000. It was for an 18 month policy covering from 12/1/16- 5/31/18. Required: Record the adjusting entries for items 1-6 above. Post the adjusting entries to the accounts and get balances in the accounts. Prepare an adjusted trial balance Use the adjusted trial balance prepare the income statement, statement of retained earnings and Balance Sheet. . Noah B Access Computing Adjusting entries Practice Problem Using the unadjusted Trial Balance from Access computing and the following information, prepare the necessary adjusting entries for Access Computing, Inc. at 12/31/2016. 1) The count of supplies on hand at 12/31/16 was $1,500. Please adjust the supplies account to actual. 2) The entire uneared revenue balance was eamed at 12/31/2016 3) Employees have earned 5 days wages at 12/31/2016. The wages will not be paid until 2017 Daily payroll is $100 per day 4) At 12/31/2016, $1200 of work had been completed but the customer will not pay us until 2017. 5) The computer equipment that was purchased on 12/1 for $15,000 has a 5 year useful life and a $3,000 salvage value. Record December (1 month) depreciation. 6) Adjust the prepaid Insurance account for the expired insurance. The insurance was originally purchased on 12/1/16 for $9,000. It was for an 18 month policy covering from 12/1/16- 5/31/18. Required: Record the adjusting entries for items 1-6 above. Post the adjusting entries to the accounts and get balances in the accounts. Prepare an adjusted trial balance Use the adjusted trial balance prepare the income statement, statement of retained earnings and Balance Sheet