10. Record the adjusting entry for insurance expired during the year, $7,800.
11. Record the adjusting entry for supplies remaining on hand at the end of the year equal to $3,700.
12. Record the adjusting entry for revenue earned. Provided accounting services of $12,600 related to cash paid in advance by customers.
13. Record the closing entry for revenue.
14. Record the closing entry for expenses.
15. Record the closing entry for cash dividends.
Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-dosing balances will appear for each account, based on your selection. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. On January 1, 2021, the vial balance of Sooner CPAs reported the following account balances: The following is a summary of the tronsactions for the year: 1. January 9 Provide accounting services for cash, $142,100, and on account, $56,200. 2. February 12 collect on accounts receivable, $52,300. 3. Apri1 25 Receive cash in advance from customers, $13,700. 4. May 6 purchase supplies on account, $10,800. 5. July 15 Pay property taxes, 59,300 . 6. Septenber 10 Pay on accounts payable, $12,200. 7. October 31 Pay salaries, $131,600. 8. Novenber 20 issue shares of cormon stock in exchange for $35,090 cash. 9. December 30 . Pay $3,600 cash dividends to stockholders. Insurance expired during the year is $7,800. Supplies remoining on hand at the end of the year equal $3,700. Provided accounting services of $12,600 related to cash paid in advance by customers. The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. The balance sheet is the accounting equation: Assets - Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-dosing balances will appear for each account, based on your selection. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 -9). These amounts automatically transfer to the accounts in the General Ledger. Review the 'General Ledger' to see the effect of the transactions on the account balances. 2.Review the unadjusted 'Trial Balance' as of December 31, 2021, in the 'Trial Balance' tab. The amounts in the General Ledger accounts automatically transfer to the Trial Balance. Select the "unadjusted" trial balance at the top left. Make sure that the trial balance balances and that the account balances are shown correctly as debits or credits. 3. Record the adjusting entries (items 10-12) on December 31, 2021, in the 'General Journal' tab (these are shown as items 10-12). 4. Review the adjusted 'Trial Balance' as of December 31, 2021. Select the "adjusted" trial balance at the top left. Make sure the trial balance balances. 5. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. Select the adjusted trial balance at the top left. You may not use every line on the income statement. Be sure to enter "Net income" as the title for the last line. 6. Prepare a classified balance sheet as of December 31, 2021, in the 'Balance Sheet' tab. Select the proper trial balance at the top left. You may not use every line. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15). Entry 13 doses revenues to retained earnings. Entry 14 doses expenses to retained earnings. Entry 15 doses dividends to retained earnings. 8. Review the account balances in the 'General Ledger' tab. All revenue/expense/dividend accounts should be $0. The ending balance in retained earnings should be the same as the amount on the balance sheet. 9. Review the post-closing trial balance in the 'Trial Balance' tab. Make sure the trial balance balances
