Adjusting Entries 1 year end. Assume all accounts have normal balances. Given the other information privided, prepare the Directions: Pitz Consulting has the following accounts and balances as of March 31, 3011, their fiscal adjusting entries for the year ended March 31, 2011, as required. Accounts Payable Accounts Receivable Acc. Dep.-Comp. Equip. Acc. Dep.-Furniture Cash Computer Equipment Consulting Fees Earned Furniture -2021-FA1-Midterm Review 3,495 7,270 2,465 4,390 2,485 7,395 106,750 $8,780 Note Payable Prepaid Insurance F. Pitz, capital F. Pitz, withdrawals Rent Expense Salaries Expense Supplies Telephone nse Unearned Consulting Fees Additional Information: a) A one-year insurance policy was purchased on July 1, 2010. b) On March 31, 2010, there was $845 of supplies on hand. During the year, $2,445 of additional supplies were purchased. A count of supplies on March 31, 2011, shows $710 of supplies on hand. c) The computer equipment has an estimated useful life of three years with no residual value. d) The furniture has an estimated useful life of 10 years with no residual value. e) As at March 31, 2011, an analysis shows $1,825 of the unearned consulting fees were still unearned. The nine-month, 6% note was issued on November 1, 2010. Interest and principal are due on the maturity date. 8) Accrued salaries at the end of March were $655. h) On March 31, 2011, the company had earned but not billed or recorded consulting revenue of $2,675. (1) The telephone bill for March 2011 was $155. It has not been recorded or paid. NOTE: Annual interest on Notes (Payable or Receivable) can be calculated using the formula: 1 = Prt where P = principal of note, r=annual interest rate and t = time in years (1). Interest rates are always annual (12 month rate). If you need to convert the rate to monthly, 12. If you need to calculate multiple months of interest, multiply the monthly amount by the # of months. Note: Additional appropriately named accounts may be required. Round all amounts to nearest dollar. Page 6 5,500 1,980 9,160 59,500 9,625 33,475 3,290 1,700 3,740 Date JB HI ASSEMBLED IN CAN ASSEMBL AU CAN General Journal Account Titles and Explanation 2020-2021-FA1 - Midterm Review Page Credit