Assume that you are the accountant of Pearson & Co., the following adjusting entries were discovered on the last day of the month :

i. One months insurance expired.

ii. Out of the supplies purchased during the month, $1,500 worth of supplies were still unused.

iii. From the April 10 transaction, Pearson & Co. earned $2,000.

iv. On April 30, Pearson & Co. received an electricity bill of $1,200 that will be paid for within the next 5 days (by May 5th).

v. Pearson & Co. provided legal services worth $1,500 to its client that had not been recorded yet.

vi. Pearson & Co. will charge a depreciation of $75 per month , or $900 per year.

vii. The employees of Pearson & Co. are paid weekly and are always paid on the last day of each week. The company has three employees and each employee is paid a salary of $600 for a 5-day work week (Sunday- Thursday). Assume that April 30 is a Wednesday and employees are paid on Thursdays of each week. All the previous weeks salary are already paid for, only Aprils last weeks salary related transaction is yet to be recorded.

a. Write the adjusting journal entries for the above mentioned transactions.

b. Prepare the adjusted trial balance for Pearson & Co., for the month ended 30 April, 2021.

c. Prepare the Income Statement, Owners Equity Statement and Balance Sheet for Pearson & Co., for the month ended 30 April, 2021.

d. Write the closing journal entries for Pearson & Co.