The unadjusted trial balance of Simple Consulting Services as at December 31, 2021 is as follows: Cash Accounts receivable Prepaid insurance Supplies inventory Office equipment Accumulated depreciation - office equipment Buildings Accumulated depreciation - buildings Land Accounts payable Salary payable Unearned consulting revenue Common shares Retained earnings Consulting revenue Salary expense Insurance expense Utilities expense Depreciation expense - office equipment Depreciation expense - building Supplies expense Total Dr 84,506 78,049 11,780 12,340 135,999 310,000 85,400 110,810 26,500 42,000 897,384 Cr . . 23,000 54,000 38,000 24,810 120,000 398,574 239,000 . 897,384 Step 1: Prepare the adjusting journal entries for each of the following: 1. Unearned consulting revenue that was still unearned at December 31, 2021 was: 2. A one year business insurance policy was purchased on October 1st, 2021 and recorded as prepaid insurance. The amount was: 3. Supplies purchased during the year totalled: At the end of the year supplies on hand totalled. 4. Depreciation on the office equipment for the year was: 5. Depreciation on the building for the year was: 6. At the end of the year, employees were owed salary for work done during the last week of Dec in the amount of: There was no change in common shares during the year. 7. 13,450 10,500 32,150 2,330 12,540 9,600 5,880 Step 2: Prepare the adjusted trial balance Cash Accounts receivable Prepaid insurance Supplies inventory Office equipment Accumulated depreciation office equipment Buildings Accumulated depreciation - buildings Land Accounts payable Salary payable Unearned consulting revenue Common shares Retained earnings Consulting revenue Salary expense Insurance expense Utilities expense Depreciation expense - office equipment Depreciation expense - building Supplies expense Total Unadjusted TB Dr 84,506 78,049 11,780 12,340 135,999 310,000 85,400 110,810 26,500 42,000 897,384 Cr 23,000 54,000 38,000 24,810 120,000 398,574 239,000 897,384 Adjustments Dr Cr Adjusted TB Dr Cr Step 3: Prepare the adjusted financial statements Simple Consulting Services Statement of Income For the year ending December 31, 2021 Consulting revenue Operating expenses: Salaries Insurance Utilities Depreciation Supplies Total operating expense Net income Simple Consulting Services Statement of Retained Earnings For the year ending December 31, 2021 Opening balance Common shares issued Net Income Dividends Closing Balance Common Shares Retained Earnings Simple Consulting Services Statement of Financial Position As at December 31, 2021 Assets Current assets Cash Accounts receivable. Supplies Inventory Prepaid insurance Total current assets Property Plant & Equipment Office equipment (net) Buildings (net) Land Total property plant & equipment Total assets Liabilities Current liabilities Accounts payable Salary payable Unearned consulting revenue Total current liabilities Shareholder Equity Common shares Retained earnings Total shareholder equity Total liabilities & Shareholder equity