1. Make a journal adjusting entries.

2. Make a financial statement.

Denmark Consulting Account Name Unadjusted Trial Balance at December 31, 2021 Adjusted Trial Balance for December 31, 2021 Adjustments Required for Year End Debit Ref Credit Credit Ref Debit Credit $ Debit 24,200 38,500 15,928 72,000 13,800 18,400 Cash Accounts receivable Note receivable Interest receivable Supplies Prepaid insurance Furniture Accumulated depreciation-furniture Accounts payable Salaries payable Unearned revenue K. Smeltz, capital B K. Smeltz, withdrawals Consulting revenue Interest revenue Salaries expense Rent expense Insurance expense Utilities expense Depreciation expense 5 Supplies expense Totals 78,706 46,000 167,053 375 32,000 33,000 4,378 2,400 6,600 3,328 278,334 $ $ 278,334 1 Important Information: 2 This company uses the alternative form of adjusting entries. 3 4 1. The company has completed consulting services as of December 31, 2021 that was not billed until January 16, 2022. The customer paid the invoice on January 31, 5 The amount of services completed as of Dec 31st: $ 3,323 6 7 2. The insurance account represents a one-year insurance policy. The policy was purchased on April 1, 2021. 8 9 3. Supplies on hand as of December 31, 2021 was: $ 408 10 11 4. The furniture has an estimate useful life of 10 years. Once fully depreciated, it will have no value at the end of the 10 years. Straight-line amortization is used. 12 13 5. Salaries are paid every two weeks worked. The work week is Monday to Friday. December 31, 2021 ended on Friday, and the workers were last paid on Monday 14 Salaries were paid on January 10, 2022 in the amount of: 3,200 15 16 6. On May 1, 2021 the company sold their equipment to a customer, and in exchange, the company agreed to receive a the 9-month note receivable shown on the 17 The interest rate on the note is: 5% 18 19 7. The company attracted a new customer for 2022. Denmark Consulting is working on a 6-month consulting project for this new customer that began on October 20 The value of the 6-month consulting contract is: $ 23,732 21 22 8. The company received the utility bill for the month of December 2021 on January 11, 2022. This utility bill was paid on January 22, 2022. 23 Utility bill amount $ 226 $ 24