a) from the trial balance and other information given, prepare annual adjusting entries as of December 31, 2023, label the entries 1-8.

b) after posting the adjusting entries , use adjusting balances to prepare a classified balance sheet as of 12/31/2023 and a single step income statement ( ignore taxes) and statement of owner's equity for the year then ended. Note that the owner withdrew 25,000 cash for personal use during the year and The owner Capital account was reduced directly at the time of the withdraw . give me explanations . ( answer a and b)

The following is information available and has not been taken into consideration in the unadjusted balances. Use the information to make adjusting entries as of 12/31/23. You will likely need to add additional account names to the trial balance due to the adjustements needed. 4) 1. $9,000 in Design Fecs were received from customers in advance of services during the year and were recorded as an increase to Service Revenue when the cach was received. 50% of these fees remain unearned as of 12/31/23. 2. Services performed for clients that were not recorded by December 31,$9,200 3. Bad debt expense for the year is $1,580. 4. Insurance expired during the year $1,200 5. Equipmest is being depreciated at 10% per year, record appropriate deprecation expense for the year 5) 6. NextSicp gave the bank a 3 month, 9% note for $14,000 on December 1,2023 The note payable was recorded the day the cash was received from the bank. 7. Rent of the building is $3,000 per month. The rent for 2023 bas been paid in full, as has that for January and February 2024 . The total rental payment was initially recorded in Rent Expense when the cash was paid. 8. Office salaries and wages earned by employees but unpaid December 31,2023,53,200 6) Instructions (a) From the trial balance and other information given, prepare annual adjusting entries as of Docember 31, 2023, label the entries #1$8. (Omit explanations.) (b) After posting the adjusting cntrics, use adjusted balances to prepare a classified balance sheet as of 12/31/23 and a single step income statement (ignore taxes) and statement of owner's equity for the year then coded. Note that the owner withdrew $25,000 cash for personal use during the year and The Owner Capital account was reduced directly at the time of the withdrawal. Please complete in excel. Be organized and aeat. (check figures: Net income $61,765, total assets $136,370 ) 8) 7)