Please complete the following problem. There is a template provided if you choose to use it. Submit the problem to the instructor using the dropbox.

Mackinaw Marina ended 2016 with the following unadjusted trial balance:

Mackinaw Marina
Trial Balance
December 31, 2016
Cash	$ 1,390
Accounts Receivable	2,440
Supplies	516
Prepaid Insurance	742
Dock	30,600
Accumulated Depreciation - Dock		$ 5,000
Accounts Payable		1,100
Fred Freeman, Capital		31,053
Fred Freeman, Drawing	12,000
Dock Rental Income		19,400
Boat Rental Income		2,350
Wages Expense	9,750
Insurance Expense	915
Utilities Expense	550
Total	$ 58,903	$ 58,903

There are adjustments that need to be made before financial statements can be created. Use the worksheet format to make the following adjustments. Then finish the worksheet by completing the balance sheet and income statement columns. Finally, create the closing entries in proper journal entry format to get the company ready for next year.

These items have occurred but have not yet been recorded:

1. $346 of insurance has been used during the year.
2. When doing the year end supplies inventory, they found that they have $76 in supplies.
3. There has been $1,500 in depreciation on the dock this year.
4. Mackinaw Marina received a utility bill for $50 but will not pay it until next year.
5. Employees have earned $85 in wages during 2016 but it will not be paid until next year.
6. Customers have given the marina $225 in advance for boat rentals next year.

Required: Use worksheet format to complete adjusting entries, balance sheet, and income statement. Create closing entries in proper journal entry format.