Consider the data in Figure 5.25 for Deb’s Dance Studio:

Figure 5.25:

Adjustment Data
a. Insurance expired, $500.
b. Dance supplies on hand, $400.
c. Depreciation on dance equipment, $1,200.
d. Salaries earned by employees but not due to be paid until May, $600.

Your task is to do the following:
1. Prepare a worksheet.
2. Journalize adjusting and closing entries.