Assessing Financial Statement Effects of Transactions and Adjustments Across Two Periods Sloan Company has the following account balances at December 31, the end of its fiscal year (all accounts have normal balances).

Prepaid advertising	$1,200
Wages expense	43,800
Prepaid insurance	3,420
Unearned service fees	5,400
Service fees earned	87,000
Rental income	4,900

a. Prepare Sloan Company's accounting adjustments at December 31 using the financial statement effects template and the following additional information. 1. Prepaid advertising at December 31 is $800. 2. Unpaid wages earned by employees in December are $2,600. 3. Prepaid insurance at December 31 is $2,280. 4. Unearned service fees at December 31 are $3,000. 5. Rent revenue of $1,000 owed by a tenant is not recorded at December 31. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount.

	Balance Sheet	Income Statement
Transaction	Cash Asset	+	Noncash Assets	=	Liabilities	+	Contrib. Capital	+	Earned Capital	Revenues	-	Expenses	=	Net Income
1.	Answer 1		Answer 2	=	Answer 3		Answer 4		Answer 5	Answer 6	-	Answer 7	=	Answer 8
	Answer 9Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 10Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 11Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 12Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 13Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A	Answer 14Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 15Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A
2.	Answer 16		Answer 17	=	Answer 18		Answer 19		Answer 20	Answer 21	-	Answer 22	=	Answer 23
	Answer 24Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 25Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 26Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 27Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 28Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A	Answer 29Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 30Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A
3.	Answer 31		Answer 32	=	Answer 33		Answer 34		Answer 35	Answer 36	-	Answer 37	=	Answer 38
	Answer 39Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 40Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 41Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 42Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 43Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A	Answer 44Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 45Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A
4.	Answer 46		Answer 47	=	Answer 48		Answer 49		Answer 50	Answer 51	-	Answer 52	=	Answer 53
	Answer 54Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 55Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 56Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 57Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 58Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A	Answer 59Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A		Answer 60Accounts PayableAccounts ReceivableAdvertising ExpenseAdvertising RevenueCashDepreciation ExpenseInsurance ExpensePrepaid AdvertisingPrepaid InsuranceRent IncomeRetained EarningsService RevenueUnearned Service RevenueWages ExpenseWages PayableN/A
5.	Answer 61		Answer 62	=	Answer 63		Answer 64		Answer 65	Answer 66	-	Answer 67