Part 4 [25 points] a) Prepare the appropriate adjusting entries on March 31, 2023. HIN NOTE: The adjusting entries will be automatically posted to the gen available in the solution to Part 4. General Journal Page GJ5 Date Account/Explanation F Debit Credit 31/Mar Dividends 840 Retained Earnings 840 To recognize dividends paid. 31/Mar Salaries Expense. 10,800 Cash 10,800 To recognize paid out accrued salaries 31/Mar |Advertising Expense. 900 Accounts Payable. 900 To recognize bill received for advertising expense. 31/Mar Food and Drinks Expense 56 Accounts Payable 56 To recognize bill paid for food and drink expense. 31/Mar Repair Expense 700 Accounts Payable 700 To recognize bill paid for repair expense. Note that any incorrect entries are highlighted red, but there may alPart 4 [25 points] a) Prepare the appropriate adjusting entries on March 31, 2023. HINT: Where might you look to find information to prepare the adjusting entries? NOTE: The adjusting entries will be automatically posted to the general ledger when you click 'submit' and the correct adjusted general ledger balances will be available in the solution to Part 4. Depreciation Expense, Building Accumulated Depreciation, Building To record accumulated depreciation expense of building. Salaries Expense 13,800 Salaries Payable 13,800 To recognize salaries paid. Unearned Consulting Revenue Consulting Revenue Earned To recognize consulting revenue earned. Insurance Expense Prepaid Insurance To adjust for the use of one month of prepaid insurance. Retained Eamnings__ Income Summary To report net income, and close retained earnings. Part 4 [25 points] a) Prepare the appropriate adjusting entries on March 31, 2023. HINT: Where might you look to find information to prepare the adjusting entries? Ca NOTE: The adjusting entries will be automatically posted to the general ledger when you click 'submit' and the correct adjusted general ledger ba available in the solution to Part 4. General Journal Page GJ5 Date Account/Explanation F Debit Credit 31/Mar Depreciation Expense, Building.. 4,500 Accumulated Depreciation, Building 4,500 To record accumulated depreciation expense of building. 31/Mar Salaries Expense_ 900 Salaries Payable 900 To recognize salaries paid. 31/Mar Unearned Consulting Revenue.... 8,400 Consulting Revenue Earned 8.400 To recognize consulting revenue earned. 31/Mar Accounts Payable 35,500 Cash. 35,500 To recognize amounts owing. 31/Mar Advertising Expense. 900 Prepaid Advertising. 900 To recognize pre-payment for future advertizing Note that any incorrect entries are highlighted red, but there may also be some entries missing.a) Prepare the appropriate adjusting entries on March 31, 2023. HINT. Where might you loo NOTE: The adjusting entries will be automatically posted to the general ledger when you clii available in the solution to Part 4. General Journal Page GJ5 (Date | Account/Explanation | F | Debit | Credt | 31/Mar|Depreciation Expense, Building_____ . 1,450 Accumulated Depreciation, Building 1,450 To record accumulated depreciation expense of building. 31/Mar|Salaries Expense 13,800 SalariesPayable . . . . ... To recognize salaries paid. 31/Mar|Unearned Consulting Revenue . Consulting Revenue Earmed To recognize consulting revenue earned. 31/Mar|Insurance Expense .. Prepaid Insurance . To adjust for the use of one month of prepaid insurance. 31/Mar|Retained Earnings.........oooo Income Summary . . To report net income, and close retained earnings. 13,800 8,400 1,200 1,200 3,780 3,780 Mote that any incorrect entries are highlighted red, but there may also be some entries miss b) What is the next step in the accounting cycle? Analyze and journalize transactions Prepare an adjusted trial balance This is the last step Pl e e Ll e Tl e e