Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date a. The Office Supplies account started the year with a $2,875 balance. During 2019, the company purchased supplies for $11,874 which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,530. b. An analysis of the company's insurance policies provided the following facts. 24 April i, 2818 14,616 13,448 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.) tottuil cost (Year in the five-day workweek ending on the previous Friday. Assume that December 31, 2019, is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year's Day is a paid holiday, they will be paid salaries for five full days orn Monday. January 6, 2020. a building on January 1, 2019. It cost $640,000 and is expected to have a $45.000 salvage value at the end of its predicted 40-year life. Annual depreciation is $14,875 is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,000 per month, on time on November 1, and the amount received was credited to the Rent Earned starting on November 1, 2019. The rent was paid account. However the tenant has not paid the D has promised to pay both December and January rent in full on January 15. The tenant has agreed not to fall behind again. ber rent. The company has worked out an agreement with the tenant, who f. On 1, the company rented space to another tenant for $2,718 per month. The tenant paid five months' rent in advance on that date. The payment during the year was recorded with a credit to the Unearned Rent account. Assume no other adjusting entries are made Required: 1. Use the information 2. Prepare journal entries to record the first subsequent cash transaction in 2020 for parts c and e to prepare adjusting entries as of December 31, 2019. The adjusted trial balance for Chiara Company as of December 31 follows Credit receivable receivable 18,600 Notes receivablo (due in 98 days) Office supplies 16,888 168,006 5 55,eee ted depreciation-Equipment 96,800 25,800 26,080 36,800 154,880 27,58a tained earnings Dividends 574,808 28,eee 21,5e0 196,800 44,000 34,280 35,6e0 61,500 26,2e0 Hages expense Advertising expense Repairs Use the i in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, (b) the for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $248,220]; and (c) the balance sheet as of December 31 31 Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date a. The Office Supplies account started the year with a $2,875 balance. During 2019, the company purchased supplies for $11,874 which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,530. b. An analysis of the company's insurance policies provided the following facts. 24 April i, 2818 14,616 13,448 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.) tottuil cost (Year in the five-day workweek ending on the previous Friday. Assume that December 31, 2019, is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year's Day is a paid holiday, they will be paid salaries for five full days orn Monday. January 6, 2020. a building on January 1, 2019. It cost $640,000 and is expected to have a $45.000 salvage value at the end of its predicted 40-year life. Annual depreciation is $14,875 is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,000 per month, on time on November 1, and the amount received was credited to the Rent Earned starting on November 1, 2019. The rent was paid account. However the tenant has not paid the D has promised to pay both December and January rent in full on January 15. The tenant has agreed not to fall behind again. ber rent. The company has worked out an agreement with the tenant, who f. On 1, the company rented space to another tenant for $2,718 per month. The tenant paid five months' rent in advance on that date. The payment during the year was recorded with a credit to the Unearned Rent account. Assume no other adjusting entries are made Required: 1. Use the information 2. Prepare journal entries to record the first subsequent cash transaction in 2020 for parts c and e to prepare adjusting entries as of December 31, 2019. The adjusted trial balance for Chiara Company as of December 31 follows Credit receivable receivable 18,600 Notes receivablo (due in 98 days) Office supplies 16,888 168,006 5 55,eee ted depreciation-Equipment 96,800 25,800 26,080 36,800 154,880 27,58a tained earnings Dividends 574,808 28,eee 21,5e0 196,800 44,000 34,280 35,6e0 61,500 26,2e0 Hages expense Advertising expense Repairs Use the i in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, (b) the for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $248,220]; and (c) the balance sheet as of December 31 31