*Answer all of the questions, they are all necessary.

Prepare Adjusting Entries

1. Panda Corporation paid cash of $144,000 on June 1, 2020 for one years rent in advance and recorded the transaction with a debit to Prepaid Rent.
   • Prepare the December 31, 2020 adjusting entry
     1. (Clearly show debit and credit debits are left and credits are right
     2. Do a journal entry
2. During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600.
   • Prepare the December 31^st adjusting entry
     1. (Clearly show debit and credit debits are left and credits are right
     2. Follow the Journal Entry

3. Create a Financial Planner. The adjusted trial balance of Ryan Financial Planners appears below.

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

• Remember, Assets = Liabilities + Stockholders Equity

1. an income statement.

2. a retained earnings statement.

3. a balance sheet.

Debit Credit

Cash ............................. $ 4,900

Accounts Receivable.......................................................................... 2,200

Supplies............................................................................................. 1,800

Equipment ......................................................................................... 20,000

Accumulated DepreciationEquipment.......................................... $ 5,000

Accounts Payable.............................................................................. 3,800

Unearned Service Revenue............................................................... 5,000

Common Stock.................................................................................. 11,000

Retained Earnings.............................................................................. 4,400

Dividends........................................................................................... 2,000

Service Revenue................................................................................ 8,700

Supplies Expense............................................................................... 600

Depreciation Expense........................................................................ 3,500

Rent Expense..................................................................................... 2,900 ______

$37,900 $37,900

1. RYAN FINANCIAL PLANNERS

Income Statement

For the Month Ended December 31, 2020

2. RYAN FINANCIAL PLANNERS

Retained Earnings Statement

For the Month Ended December 31, 2020

3. RYAN FINANCIAL PLANNERS

Balance Sheet

December 31, 2020

Assets

Liabilities and Stockholders Equity