Assignment%201.pdf Question 1: (12 marks) The unadjusted trial balance for Lamb Company at December 31, 2017 is as follows: Credit LAMB COMPANY Unadjusted Trial Balance Year Ended December 31, 2017 Debit Accounts Receivable $21,000 Supplies E TRA 4,600 Prepaid rent 2,200 Equipment 110,000 Accumulated depreciation equipment Bank overdraft Accounts Payable Note Payable Unearned revenue L K Lamb, capital K Lamb, drawings 19,500 Service revenue Promotion expenses 27,000 Insurance expense 5,000 Rent expenses 15,000 Salaries expense 36.700 Maintenance expense 16.000 Totals $247,000 $17,000 6,000 9,800 6,400 6,000 99,000 102.800 $247,000 The following information was prepared by Lamb Company's controller to help prepare the December 31, 2017 adjusting entries: 1. The company has earned revenue totaling $6.500 that has not been invoiced. 2. The expired portion of prepaid rent is $700. 3. The earned portion of the Unearned revenue at December 31, 2017 is $2.200 4. Depreciation expense for the Equipment has been calculated as $11.000. 5. Employees have earned but have not been paid salaries of $5,800. Required: a) Prepare the adjusting entries that Lamb Company should record at the year ended December 31, 2017 b) Prepare the appropriate reversing entries relating to the adjustments made in (a) above