How do I journalize the adjusting entries?
chart of accounts in selecting the accounts to be debited and credited. 1.Journalize each trans (Do not insert the account numbers in the journal at this time.) 310 E.May,Drawing 101 Cash 320 Income Summary 120 Accounts Receivable 401 Fees Earned 122 Allowance for Doubtful Accounts 500 Bad Debt Expense 124 Supplies 501 Salary Expense 125 Prepaid Rent 502 Rent Expense 126 Prepaid Insurance 503 Supplies Expense 150 Office Equipment 504 Depreciation Expense 155 Accumulated Depreciation 505 Insurance Expense 201 Accounts Payable 507 Interest Expense 205 Note Payable 509 Advertising Expense 210 Salaries Payable 512 Utilities Expense 220 Unearned Fees 515 Meal Expense 301 E.MayCapital 2.Post the journal to a ledger of four-column accounts 3.Prepare a trial balance as of June 31,2023,listing all the accounts in the order given in the ledger 4.Journalize adjusting entries. a) One month of Insurance has expired Supplies on hand on at the end of the month are $2,000. Accrued receptionist salary for the remainder of the month is S200 d One month of rent was used. e) Unearned fees at the end of the month are $3,000 f) $2,000 of fees needs to be accrued Calculate the interest for one month on the Note Payable using a 6% interest rate.(Use g) the Note Payable account and round to nearest whole number.) h) Depreciation of office equipment for the month based on SL depreciation over 3 years. (Round to nearest whole number) Bad Debt is 1% of sales for the month.(Round to nearest whole number (Hint:Use the revenue balance after other adjusting entries have been completed)
5. Post the adjusting entries 6. Prepare the adjusted trial balance for the end of the month. 7. Prepare an income statement, a statement of owner's equity, and a classified balance sheet. 8. Journalize and post the closing entries. (Income Summary is account #320 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
. Prepare a post-closing trial balance for the end of the month.
