Accounting $1$AM$.$ Baker $-$ V$1$Accounting Equation and Debit$/$Credit Rules

Complete the Accounting Equation below by placing the following account types in the proper order to complete the accounting equation: Assets, Common Stock, Dividends, Expenses, Liabilities and Revenues. Indicate the increase side of the account with $"+"$ and the decrease side with a $"-".$

Adjusting Entries

Using the Chart of Accounts provided in Canvas, journalize the adjustments as of December $31$:

a$)$ The estimated depreciation for the machinery owned by M$4$ Engineering is S$13,800.$

b$)$ The unadjusted trial balance indicates $$24,000$ of prepaid insurance. The annual policy was purchased on October $1.$

c$)$ The unadjusted trial balance indicates $$52,000$ of unearned fees. As of December $31,$ only $$18,000$ of the work still needs to be done.

d$)$ The unadjusted trial balance indicates $$10,000$ of prepaid rent. The unexpired amount as of December $31$ was $$2,000.$

e$)$ The unadjusted trial balance indicates a $$7,500$ balance in the supplies account. An inventory of the supplies indicates that only $$2,500$ of supplies remains on hand.

f$)$ Wages of $$12,250$ have been earned by employees but have not yet recorded.

$\backslash$table$[[,,$ENERAL JOU,,,Page,$],[,$Date,Description,Post,Debit,Credit,$],[1,,,,,,1],[2,,,,,,2],[3,,,,,,3],[4,,,,,,4],[5,,,,,,5],[6,,,,,,6],[7,,,,,,7],[8,,,,,,8],[9,,,,,,9],[10,,,,,,10],[11,,,,,,11],[12,,,,,,12],[13,,,,,,13],[14,,,,,,14],[15,,,,,,15],[16,,,,,,16],[17,,,,,,17],[18,,,,,,18]]$

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Chapter $4-$ The Accounting Cycle

Online tutoring site assistance may not be used on this assignment. Students found posting this assignment or relying on online solutions will receive a grade of $0$ on the assignment.

Complete the Financial Statements:

Use the following adjusted trial balance for M$4$ Engineering, Inc for the period ended December $31,2022$ to complete the Income Statement, Statement of Stockholders' Equity and Balance Sheet. Include statement dates and $ dollar sign conventions on all statements.

Note: No stock was issued in $2022.$

$\backslash$table$[[$Account$,$Debit,Credit$],[$Cash$,50,000,],[$Accounts Receivable,$38,000,],[$Prepaid Advertising,$25,000,],[$Machinery$,120,000,],[$Accum$.$ Depreciation,,$20,000$