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 M4 Engineering is $13,800. b) The unadjusted trial balance indicates $24,000 of prepaid insurance that was purchased as of October 1 of the current year. 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. GENERAL JOURNAL Page Date Description Debit Credit Post mv 1 2 3 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 6 7 8 9 10 11 12 13 14 15 16 17 18 Closing Entries Use the Adjusted Trial Balance for M4 Engineering Inc. below to journalize the 2 Closing Entries. Account Debit Credit Cash 50,000 Accounts Receivable 38,000 Prepaid Advertising 25,000 Machinery 120,000 Accum. Depreciation 20,000 Accounts Payable 22,000 Wages Payable 8,500 Common Stock 130,000 Retained Earnings 10,000 Dividends 3,600 Fees Earned 77,800 Wages Expense 18,500 Telephone Expense 1,200 Depreciation Expense 12,000 Total 268,300 268,300 GENERAL JOURNAL Description Page Credit Date Debit Post ref 1 2 3 4 S 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 chart of Accounts Cash Accounts Receivable Supplies Inventory Prepaid Insurance Prepaid Rent Machinery Accumulated Depreciation Accounts Payable Wages Payable Unearned Fees Common Stock Dividends Fees Earned Sales . Cost of Goods Sold . Depreciation Expense Insurance Expense Rent Expense Supplies Expense Telephone Expense Wages Expense