As of December 31, 2018, XYZ Company's unadjusted trial balance shows the following accounts and balances: The following items are noted in a review of the accounts after close: a. An analysis of company insurance policies shows that $9,500 of coverage has expired. b. An inventory count shows that supplies costing $20,000 remain available at year-end. C. Annual depreciation on the equipment is $5,000. d. Annual depreciation on the machinery is $2,400. e. On 11/1/18, XYZ agreed to a five (5) month contract (effective immediately) for a customer. The contract calls for a $14,300 monthly fee, and the client paid the first two (2) months' fees in advance. When the fees were received, the Unearned Services Revenue account was credited. The remaining three months will be recorded when paid in 2019. f. On 10/15/18, XYZ agreed to a four (4) month contract (effective immediately) for a customer for consulting services. The contract calls for a monthly payment of $2,300 per month, but as of 12/31/18, no payment has been received. g. XYZ has one employee that is paid weekly. As of 12/31/18, three (3) days' salary (at the rate of $150/day) has accrued. h. The balance for Prepaid Rent listed in the unadjusted trial balance represents December rent. Given the information above, please complete the following accounting cycle steps: (1) Create T-accounts with balances from the unadjusted trial balance (2) Prepare the necessary adjusting journal entries for items (a) through (h) above. (3) Update the T-accounts you created in (1) to post the entries referenced in (2) above. (4) Prepare the adjusted trial balance after the adjusting journal entries have been posted. (5) Prepare the income statement for the year ending 12/31/18 (6) Prepare the statement of retained earnings for the year ending 12/31/18 (7) Prepare the balance sheet as of 12/31/18 (8) Finally, make the entries to close the books for 2018 and prepare the post-closing trial balance. (1) Create T-accounts with balances from the unadjusted trial balance. (2) Prepare the necessary adjusting journal entries for items (a) through (h) above. (3) Update the T-accounts in (1) to post the entries referenced in (2) above. (4) Prepare the adjusted trial balance after the adjusting journal entries have been posted. Debit Cre Account Cash Accounts Receivable As of December 31, 2018, XYZ Company's unadjusted trial balance shows the following accounts and balances: Account Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Machinery Accumulated Depreciation Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Services Revenu Common Stock Retained Earnings, 12/31/1 Dividends Consulting Revenue Services Revenue Depreciation Expense - Ma Depreciation Expense - Eqy Salaries Expense Insurance Expense Rent Expense Supplies Expense Advertising Expense Utilities Expense Totals Supplies Prepaid Insurance Prepaid Rent Machinery Accumulated Depreciation - Machinery As of December 31, 2018, XYZ Company's unadjusted trial balance shows the following accounts and balances: The following items are noted in a review of the accounts after close: a. An analysis of company insurance policies shows that $9,500 of coverage has expired. b. An inventory count shows that supplies costing $20,000 remain available at year-end. C. Annual depreciation on the equipment is $5,000. d. Annual depreciation on the machinery is $2,400. e. On 11/1/18, XYZ agreed to a five (5) month contract (effective immediately) for a customer. The contract calls for a $14,300 monthly fee, and the client paid the first two (2) months' fees in advance. When the fees were received, the Unearned Services Revenue account was credited. The remaining three months will be recorded when paid in 2019. f. On 10/15/18, XYZ agreed to a four (4) month contract (effective immediately) for a customer for consulting services. The contract calls for a monthly payment of $2,300 per month, but as of 12/31/18, no payment has been received. g. XYZ has one employee that is paid weekly. As of 12/31/18, three (3) days' salary (at the rate of $150/day) has accrued. h. The balance for Prepaid Rent listed in the unadjusted trial balance represents December rent. Given the information above, please complete the following accounting cycle steps: (1) Create T-accounts with balances from the unadjusted trial balance (2) Prepare the necessary adjusting journal entries for items (a) through (h) above. (3) Update the T-accounts you created in (1) to post the entries referenced in (2) above. (4) Prepare the adjusted trial balance after the adjusting journal entries have been posted. (5) Prepare the income statement for the year ending 12/31/18 (6) Prepare the statement of retained earnings for the year ending 12/31/18 (7) Prepare the balance sheet as of 12/31/18 (8) Finally, make the entries to close the books for 2018 and prepare the post-closing trial balance. (1) Create T-accounts with balances from the unadjusted trial balance. (2) Prepare the necessary adjusting journal entries for items (a) through (h) above. (3) Update the T-accounts in (1) to post the entries referenced in (2) above. (4) Prepare the adjusted trial balance after the adjusting journal entries have been posted. Debit Cre Account Cash Accounts Receivable As of December 31, 2018, XYZ Company's unadjusted trial balance shows the following accounts and balances: Account Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Machinery Accumulated Depreciation Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Services Revenu Common Stock Retained Earnings, 12/31/1 Dividends Consulting Revenue Services Revenue Depreciation Expense - Ma Depreciation Expense - Eqy Salaries Expense Insurance Expense Rent Expense Supplies Expense Advertising Expense Utilities Expense Totals Supplies Prepaid Insurance Prepaid Rent Machinery Accumulated Depreciation - Machinery