1. prepare adjusting journal entries

2. post adjusting journal entries to T-accounts

3. prepare closing entries

thank you for the help! its for a grade

Presented below is the December 31 trial balance of Bonita Boutique. BONITA BOUTIQUE TRIAL BALANCE DECEMBER 31 Credit Debit $20,700 Cash 38,200 Accounts Receivable 32 Allowance for Doubtful Accounts 84,250 Inventory, December 31 6,240 Prepaid Insurance 91,000 Equipment 32,420 Accumulated Depreciation-Equipment 25,520 Notes Payable 77,077 Common Stock 10,220 Retained Earnings 730,951 Sales Revenue 502,400 Cost of Goods Sold 55,500 Salaries and Wages Expense (sales) 6,920 Advertising Expense 67,040 Salaries and Wages Expense (administrative) Supplies Expense 4,570 $876,820 $876,820 Construct T-accounts and enter the balances shown. Cash dman Sachs | Student Prog x in Walker & Dunlop hiring Multifa My Job Search CH3 closing entries x urses/27806/assignments/2962003 Prepare adjusting journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not inder no entry is required, select "No entry" for the account titles and enter 0for the amounts.) Bad debt expense is estimated to be $1,493. 1. 2. Equipment is depreciated based on a 7-year life (no salvage value). Insurance expired during the year $2,784. 3. Interest accrued on notes payable $3,687 4. Sales salaries and wages earned but not paid $2,240. 5. 6. Advertising paid in advance $632. 7. Office supplies on hand $1,460, charged to Supplies Expense when purchased. No. Account Titles and Explanation Debit Credit 1 2. 3 5. CH3 closing entries My Job Search X in Walker & Dunlop hiring Multifar x Goldman Sachs | Student Prog X courses/27806/assignments/2962003 Prepare closing entries. (Credit acCount titles are automatically indented when amount is entered. Do not indent manually. If no entry "No entry" for the account titles and enter 0 for the amounts.) Credit Debit No. Date Account Titles and Explanation Dec. 31 1. (To close revenue account) 2. Dec. 31 (To close expense accounts) 3. Dec. 31 (To close net income / (loss))