Accounting I

SLO $1-$ Accounting Cycle

Selected entries and account balances at $12/31$ BEFORE adjustment

The following information was obtained from the accounting records:

An inventory of supplies indicates supplies with a cost of $$1,800$ remain

The beginning balance of Prepaid insurance represents a one$-$year policy purchased

The July $1$ amount represents the purchase of a one$-$year policy.

Of the Unearned Revenue, $40\%$ remained unearned at year$-$end.

The Equipment has a ten$-$year life and is depreciated using the straight$-$line method.

Salaries are paid every two weeks on Friday $(10$ workdays$).$ The next payroll cycle e

Total payroll on that date will be $$3,000.$

Services rendered but unbilled at year end amounted to $$3,500.$

Required:

Using the information above, prepare the necessary adjusting entrie

SLO$1$

Adjusting Entries

$2$

$(\frac{C}{3})$

$4$

$(\frac{n}{5})$

$6$

Based on the adjusted balances above, prepare the necessary closir

sto $1$

Closing Entries

Required: Prepare the necessary closing entries and post to the accounts below: