Accounting and finance. thank you

- Outcome 1: Critically understand the different elements of the financial statements. - Outcome 2: Knowing how to prepare adjusting entries - Outcome 3: Knowing how to prepare an income statement and closing entries - Outcome 4: Knowing how to prepare a Balance sheet Exercise 1: Adjusting entries and income statement: ( 40 points) During the month of March 2022 the company John Services, Ltd. realized the following transactions March 1, Paid a 12 month insurance policy for $36,000 March 2: Paid the employee $44,000 for their work in February March 4: collects $26,000 as an advanced payment by client Mrs. Glen. The project is to be delivered on March 18 March 18: delivers the project to Mrs. Glen On March 30, Sent service fees to clients besides above mentioned Mrs. Glen for $347,000, all payable before April 15 March 31: records the salaries of March for $47,000 that will be paid on April 3rd The assets of the company are the following: 4 computers with a unit cost of $1,200 purchased on January 2022 and a useful life of 4 years and a car purchased $36,000 on December 31,2021 with a useful life of 6 years. The company uses straight-line method for depreciation purposes. 1: Prepare the general journal of the company for the month of March 2022 (20 points) 2: Prepare the income statement of the company for the month ended on March 31, 2022 (20 points) Exercise 2: Reporting financial results: ( 60 points) On April 1re the company Littleco, Ltd showed the following balance sheet During the month of April the revenues and expenses of the company were the following All accounts receivable have been collected All accounts payable listed on the 1It of April Balance sheet have been settled. Recorded revenues for $222,500 paid in cash Recorded salary expenses for 52,000 paid in cash Recorded depreciation expense for the computers for $1,800 Recorded water expense for $3,200 payable in May Recorded insurance expense for $1,000 1: Prepare the income statement of the company for the month of April 2022 (20 points) 2: Prepare the closing entries on the general journal of the company (20 points) 3: Prepare a balance sheet of Littleco, Ltd. at April 1st (20 points)