View previous attempt 1 The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: a. The December 31 inventory count of computer supplies shows $1,060 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. C. As of December 31, Sandy Perry has not been paid for four days of work at $220 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. eBook Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal er required" in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustment prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. Shou View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 Dec 02 1,025 Advertising expense Cash 1,025 Paid $1,060 cash to Lakeview Mall for Best Bytes' share of mall advertising costs. 2 Paid $520 cash for minor repairs to the company's computer. 3 Received $6,000 cash from Sanchez Engineering Co. for the receivable from November. 4 Paid cash to Sandy Perry for six days of work at the rate of $220 per day. 5 Notified by Sanchez Engineering Co. that Best Bytes' bid of $7,100 on a proposed project has been accepted. Sanchez paid a $1,550 cash advance to Best Bytes. Note : journal entry has been entered 6 Purchased $1,700 of computer supplies on credit from Ryan Office Products. 7 er Sent a reminder to Marshall Co. to pay the fee for services recorded on November 8. 8 Completed a project for Fox Corporation and received $6,800 cash. 9 Received $3,800 cash from Marshall Co. on its receivable. 10 Reimbursed K. Perry for business automobile mileage (700 miles at $0.32 per mile). 11 The company paid $1,900 cash in dividends. Note : = journal entry has been entered 12 The December 31 inventory count of computer supplies shows $1,060 still available. Prepare the required adjusting entry, if any. 13 Three months have expired since the 12-month insurance premium was paid in advance. Prepare the required adjusting entry, if any. 14 As of December 31, Sandy Perry has not been paid for four days of work at $220 per day. Prepare the required adjusting entry, if any. 15 The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. Prepare the required adjusting entry, if any. Note : = journal entry has been entered 16 The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. Prepare the required adjusting entry, if any. 17 Three of the four months' prepaid rent has expired. Prepare the required adjusting entry, if any. Note : = journal entry has been entered