1. Rent was prepaid for the period of January to December. One month has now been used. 2. The delivery truck is anticipated to last 10 years and have a residual value of $4,000. 3. Wages owing to administrative staff is $2,200. 4. Income taxes of $34,000 is owing for the month. 5. One month of the dental repair services paid for in advance on January 3'd has now been provided. N has now been used alue of $4,000 M Required: Record the adjusting journal entries for the month. ONLY RECORD ITEMS IN BLUE BOXES Date Date Date Date 31-Jan Adjustment #1 31-Jan Adjustment #2 31-Jan Adjustment #3 31-Jan Adjustment #4 31-Jan Adjustment #5 sy 3d Classify the adjustments into the type of adjusting entry and either the adjustment as a deferral or accrual Adjustment #1 Adjustment 2 Adjustment #3 Adjustment 114 Adjustment #5 What would be the impact on net income if the adjusting entry was not recorded? Adjustment #11 Adjustment 2 Adjustment #3 Adjustment 4 Adjustments What account should never be impacted by adjusting entries? $ Closing Entries O tank Red estion 4: Adjusting Joumal Entries ect Smiles summarized the unadjusted trial balances for the month of January as follo e to ensure your transactions were recorded correctly in Question 2) Debit Credit Cash 207,813 Accounts receivable 199,138 Inventory 263,942 Prepaid rent (Adjustment #1) 20,000 Delivery truck (Adjustment #2) 67,000 Accumulated depreciation Accounts payable 90.306 Wages Payable (Adjustment #3) 6,000 Income tax payable (Adjustment #4) Uneamed revenue (Adjustment #5) 10,000 Common shares 481,000 Retained earnings Sales revenue 376,276 Service revenue 11,000 Cost of goods sold 187.589 Wages expense 24,000 Rent expense Depreciation expense Income tax expense Dividends declared 5.100 Totals 974,582 974,582 N