Aloha Painting Company has reached the end of its first fiscal year, November 30, 2020.

Prepare any ADJUSTING JOURNAL ENTRIES required for Aloha Painting Co. at November 30, 2020 for a) to e) below.Assume that all original transaction entries were recorded and posted correctly.Omit explanations and do not prepare the original journal entries.

a)On November 4, 2020, Aloha Painting received a $6,000 advance payment from Charlie Client as a deposit for a painting job to be done in November, December and January.This receipt had been credited to Unearned Painting Revenue.At November 30, 2020 the company estimated they had earned 30% of the advance payment

b)Aloha Painting has an agreement with Cassie Customer to provide painting services for October, November and December for $1,600 per month.The required work was done for October and November.Cassie has not yet been billed, but will be billed when the job is complete, i.e. at end of December

c)On February 1, 2020, Aloha Painting purchased machinery for $42,000.It will be used for eight years, and its estimated residual value is $4,000.