This is all one exercise:

SCROLL DOWN THE TRIAL BALANCE SHEET TO SEE THE UNADJUSTED BALANCE!

The Dairy Plus Company began operations on December 1, 2019. The unadjusted trial balance of the Dairy Plus Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Dairy Plus Company found in chapter 3. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,050. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have a 4-year useful life, and be worth about $10,000 at the end of four years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry, if any. 4) On December 26, the client paid a $13,800 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Dairy Plus's sole employee earns $120 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries payable, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Dairy Plus agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $5,820. The terms of the initial agreement call for Dairy Plus to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Dairy Plus $5,820 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. Prepare the required adjusting and closing entries for the Dairy Plus Company. Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet General Journal tab -For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Then prepare the required closing entries. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement, Statement of Owner's Equity, Balance Sheet tabs - The financial statements will display the unadjusted, adjusted, or post-closing balances, based on your selection. Worksheet tab - Prepare the worksheet, and compare the amounts reported on the worksheet with the amounts reported on the financial statements. Requirement General Journal > Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Then, prepare the required closing entries. View transaction list Journal entry worksheet The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Insurance expense 275 Prepaid insurance 275 Record entry Clear entry View general journal General General Trial Income St Owner Balance Work Require... Journal Ledger Balance Statem... Equity Sheet Sheet Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Adjusted General Ledger Account Cash No. Debit Credit Date Dec 31 Balance 28,075 Accounts receivable No. Date Debit Credit Dec 31 6 Dec 31 6 3,880 Balance 0 3,880 Supplies Debit Credit Prepaid insurance Debit Credit No. No. Date Dec 31 A 2 2 Dec 31 Balance 5,400 4,050 Date Dec 31 Dec 31 Balance 6,600 6,325 1,350 N1 275 Equipment Debit Credit No. Date Dec 31 Balance 24,400 Accumulated depreciation - Equipment No. Date Debit Credit Balance Dec 31 0 63 3 Dec 31 3,600 3,600 Accounts payable Debit Credit Salaries payable Debit Credit No. Date Dec 31 Balance 10,200 No. Date Dec 31 5 Dec 31 5 Balance 0 360 360 Unearned consulting revenue No. Date Debit Credit Balance Dec 31 13,800 4 Dec 31 1,150 12,650 No. R. Richards, Capital Date Debit Credit Dec 31 Balance 38,000 R. Richards, Withdrawals Date Debit Credit No. Balance 1,300 Consulting revenue No. Date Debit Credit Dec 31 4 4 Dec 31 1,150 6 6 Dec 31 3,880 Balance 7,300 8,450 12,330 Rental revenue Debit Credit No. Balance Date Dec 31 Depreciation expense No. Date Debit Credit Dec 31 63 3 Dec 31 3,600 800 Balance 0 3,600 Salaries expense Debit Credit Insurance expense Debit Credit No. Date Dec 31 5 Dec 31 5 Balance 2,040 2,400 No. Date Dec 31 + 1 1] Dec 31 Balance 0 275 360 275 Rent expense Debit Credit Supplies expense Debit Credit No. Date Dec 31 Balance 1,900 No. Date Dec 31 N 2 2 Dec 31 Balance 0 0 1,350 1,350 Utilities expense Debit Credit No. Date Dec 31 Balance 385 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Show less Adjusted Dairy Plus Trial Balance December 31, 2019 Account Title Debit Credit Cash $ 28,075 3,880 4,050 6,325 24,400 3,600 10.200 360 12,650 38,000 Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned consulting revenue R. Richards, Capital R. Richards, Withdrawals Consulting revenue Rental revenue Depreciation expense Salaries expense Insurance expense Rent expense Supplies expense Utilities expense Total 1,300 12,330 800 3,600 2,400 275 1,900 1,350 385 $ 77,940 $ 77,940 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet Revenues and expenses are temporary equity accounts. They represent the change in equity attributable to the operation of the business during the current period. These temporary equity amounts are closed at the end of each account period. Adjusted Dairy Plus Income Statement For Month Ended December 31, 2019 Revenues: $ 0 0 Expenses: 0 0 0 0 0 0 Net income $ 0 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet There are four subsets of equity: Investments by the owner, withdrawals by the owner, revenues and expenses. These four subsets are compiled in the owner's capital account at the end of the period during the closing entry process. The ending capital balance is transferred to the equity section of the balance sheet. Dairy Plus Statement of Owner's Equity For Month Ended December 31, 2019 0 R. Richards, Capital, December 31, 2019 38,000 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The detail of equity is not found on the balance sheet; only the ending capital balance appears on the balance sheet. The detail of equity is reported on the income statement and statement of owner's equity. Show less Adjusted Dairy Plus Balance Sheet December 31, 2019 Assets Current assets: $ 0 0 0 0 Total current assets: $ 0 Plant assets: 0 0 Equipment, net 0 $ 0 Liabilities 0 0 0 Equity General St Owner Requirement General Journal Trial Balance Income Statement Balance Sheet Work Sheet Ledger Equity One of the benefits of a work sheet is that it links accounts and adjustments to their impacts in financial statements. Complete the work sheet below for the Dairy Plus Company. Adjusted Dairy Plus Company Work Sheet Income Statement Unadjusted Trial Balance Dr. Cr. 28,075 For the Year Ended December 31, 2019 Adjustments Adjusted Trial Balance Dr. Cr. Dr. Cr. 28,075 St. of Owner's Equity & Balance Sheet Dr. Cr Dr. Cr. 0 0 5,400 6,600 24,400 5,400 6,600 24,400 Account Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salaries payable Unearned consulting revenue R. Richards, Capital R. Richards, Withdrawals Consulting revenue 10,200 0 10,200 0 13,800 38,000 13,800 38,000 1,300 1,300 7,300 7,300 800 800 0 2,040 2,040 Rental revenue Depreciation expense Salaries expense Insurance expense Rent expense Supplies expense Utilities expense 0 1,900 1,900 0 385 385 70,100 Totals 70,100 70,100 0 0 70,100 0 0 0 0 0 0 Net Income Totals 0 0 0 0 0