1. Pedroni Fuel Company is a small oil services company owned and operated by Ray Zorzi. On October 31, 2019 the end of the current year, Pedroni Company's accounting clerk prepared the following unadjusted trial balance Pedroni Fuel Company Unadjusted Trial Balance October 31, 2019 Credit Debit 7,500 38,400 7,200 1,980 112,500 300,250 87,550 135,300 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Rent Ray Zorzi - Capital Ray Zorzi - Drawing Fee's Earned Salary & Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 97,950 12,150 6,750 371,000 15,000 324,600 193,370 42,375 22,800 17,250 6,075 900,000 Total 900,000 Year End Adjustment Unexpired insurance at October 31 = $600 Supplies on hand on October 31 = $675 Depreciation of Building for the year = $12,000 Unearned Rent on October 31 = $2,250 Accrued Salary and Wages at October 31 = $2,800 Fees earned but unbilled on October 31 = $10,050 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense - Building, Depreciation Expense - Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries (T Accounts) and prepare an adjusted trial balance. 3. Prepare an Income Statement, Balance Sheet, and Statement of Owners Equity. 4. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during year 1, 6,000 hours in year 2, and 4,400 hours in year 3. Determine the amount of depreciation expense for the three years ending December 31, by the Straight line method, The units of activity method, and the double declining balance method. Finally determine the total amount of depreciation expense for the three years by each method. 5. On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation - Building $365,000 Ray Zorzi Capital $530,000 Administrative Expenses 440,000 Ray Zorzi Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold 775,000 Selling Expense 160,000 Interest Expense 6,000 Store Supplies 16,000 Merchandise Inventory 115,000 Store Supplies Expense 21,500 Notes Payable 100,000 Instructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company