ASU Home USE THE FOLLOWING INFORMATION FOR THE NEXT (2) QUESTIONS: Below is the trial balance before adjustment for the Maverick Company: MAVERICK COMPANY Trial Balance Before Adjustment December 31, 20X1 Debit Credit Cash $ 51,000 Accounts Receivable 7.500 7.500 Supplies 2,000 Note Payable $ 10,000 Unearned Revenues 21,000 Common Stock 18,000 Retained Earnings 15,000 Dividends 2,000 Revenues 14,000 Salary & Wage Expense 6,500 Salary & Wage Expense 6,500 Rent Expense 9,000 TOTALS $ 78,000 $ 78,000 Additional Information: 1. Supplies on hand at the end of December were $800 2. Of the unearned revenues, 60% of the work had been completed during the year. 3. On Nov. 1, 20X1, Maverick paid 6-months of rent in advance for a total of $9,000. The bookkeeper debited rent expense when recording this payment. 4. As of December 31s, accrued salaries were $400. Payday is January 2, 20X2. 5. The Note Payable is a one-year, 8% note, issued on October 1, 20x1 Required: To record the necessary Adjusting Journal Entry for #3 above, you would: Debit Rent Expense for 3,000 and credit Prepaid Rent for 3,000 Debit Rent Expense for 6,000 and credit Prepaid Rent for 6,000 Debit Prepaid Rent for 6,000 and credit Rent Expense for 6,000 Debit Prepaid Rent for 3,000 and credit Rent Expense for 3,000 Question 6 0.5 pts Using the information presented in #5 above, answer the following: After all (5) adjusting entries have been recorded, determine Net Income as of December 31, 20X1: (ignore taxes)