ASAP please

Funky Vibes provides music lessons to student musicians. Some students pay in advance for lessons; others are billed after lessons have been provided. Advance payments are credited to an account entitled Unearned Lessons revenue. Adjusting entries are performed monthly and closing annually on December 31. An adjusted trial balance dated December 31, 2020, is provided below. FUNKY VIBES UNADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Cash $ 15.800 Accounts receivable 2.100 Unexpired insurance 3.200 Prepaid rent 6.000 Sheet music supplies 450 Music couipment 180.000 Accumulated depreciation music equipmer $72,000 Accounts payable 3.500 Notes payable 5.000 Dividends payable 1.000 Interest payable 25 Income taxes payable 2,400 Uneamed on revenue 1.100 Capital stock 20.000 Retained earning 56.500 Dividends 1.000 Lowonne camed 154.375 Advertising ponse 7.400 Insurance expense 4,400 Rent expense 16.500 Sheet music supplies expense 780 Us expon 5.000 Depreciation expense music equipo 30.000 Sospense 27.500 Interested 25 Income asponde 13545 $917000 17 000 Data for adjustments: Lessons revenue earned but not yet recorded as of December 31, 2020, amounts to $33,200. 2. Records show that $700 of cash receipts originally recorded as uneared revenue had been earned as of December 31. 3. The company purchased a 12-month insurance policy on August 1, 2020, for $4,800. On December 1, 2020, the company paid $9,000 for rent to cover the next 6 months. Sheet music supplies consumed during december total $200. All music equipment was purchased when the business was first formed. Its estimated life at that time was six years (72 months). - On November 1, 2020, the company borrowed $5,000 by signing a three-month, 6% note payable. The entire note, plus three months interest is due on February 1, 2021 Salaries earned by the employees and not yet recorder or paid at December 31 amount to $4,500. Instructions: Prepare the necessary adjusting journal entries on December 31, 2020.(32 points) 2. Post entries on the ledger accounts (T-accounts). (16 points) 2. Prepare the necessary year-end closing entries and post them in the ledger accounts.(12 points) 2. Prepare an income statement for the year ended December 31, 2020. (10 points) Prepare a statement of retained earnings for the year ended December 31, 2020. (10 points) Prepare a balance sheet dated December 31, 2020.(20 points)