Answer all the questions and show your detailed workings clearly and systematically.

Absolute Ltd prepared the following unadjusted trial balance on 31 December 2018 for its first year of operation:

Accounts	Debit ($)	Credit ($)
Cash	31,050
Accounts receivable	202,500
Supplies	48,600
Motor vehicles	1,023,300
Account payable		47,250
Unearned revenue		54,000
Capital		702,000
Drawings	40,500
Revenue		1,221,750
Salary expense	283,500
Petrol expense	24,300
Rent expense	72,000
Insurance expense	144,000
Utilities expense	155,250
Total	2,025,000	2,025,000

An analysis of the accounts shows the following:

1. Supplies in hand on 31 December were $10,800.
2. Depreciation on motor vehicles was estimated to be $36,900.
3. Unbilled revenue on 31 December was $15,975.
4. The amount of unearned revenue in the above balance represents all the advanced payments received from customers during the year for booking services. Sixty percent of the services have been provided by the end of the year.
5. Unpaid bills on utilities on 31 December amounted to $5,400.

Required:

1. Prepare the adjusting entries for the above transactions at 31 December 2018.

2. Prepare the adjusted trial balance as at 31 December 2018 for Absolute Ltd as at 31 December 2018.

c) From the adjusted trial balance in b), prepare the income statement for the year ended 31 December 2018 and balance sheet as at 31 December 2018.