Before year-end adjustments are made, the December 31, 2016 trial balance of Khaled's Adventures contains revenue of $3,500 and expenses of $1,950. Adjustments are necessary for the following items: 1. Depreciation for the year is $750. 2. Revenue earned but not yet billed is $1,150. 3. Accrued interest expense is $350. 4. Supplies used, $50. 350 5. Revenue collected in advance that is now earned is $1,750. 6. Portion of prepaid insurance expired during the year is $300. Requirements: a) Record the above adjusting entries in 2016 Journal. b) Open One T-account and post to Service Revenue account ONLY, then compute its adjusted balance as on December 31,2016. c) Calculate the correct Net Income (Net Loss) for Khaled's Adventures for the year ended Dec. 31, 2015 (After adjustments). The following is the adjusted trial balance as of December 31, 2016 of Rashed Photography: Rashed Photography Account Cash Accounts Receivable. Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense-Equipment Total Requirements: Adjusted Trial Balance December 31, 2016 Debit Credit $1,700 8,500 100 7,500 $2,000 1,200 800 600 3,400 2,300 40,000 24,000 2,300 1.600 $48.000 $48,000 (A. Journalize the closing entries for Rashed Photography. B. Compute the ending balance of Retained Earnings (after closing the entries). C. Prepare post closing trial balance at December 31, 2016. 3 The ledger accounts of the Redlands Place Gym at June 30, 2017 are shown below: Accounts Receivable Accounts Payable Advertising Expense $ 38,000 26,000 4,000 Building 240,000 Cash Common Stock 359,400 Dividends 2,400 Equipment 142,000 Land 84,000 Notes Payable 190,000 Office Supplies 26,800 Salaries Expense 8,200 Service Revenue 24,600 Utilities Expense 1,600 Instructions: Determine the balance in the cash account and prepare the trial balance. Sara started her practice as a design consultant on January 1, 2022. During the first month of operations, the business completed the following transactions: 4 Jan1 Received $78,000 cash from Sara in exchange for Common Stock Purchased office supplies, $1,800, and furniture, $3,600 on account. Performed services for a law firm and received $4,000 cash. 679 10 14 17 29 30 30 11288 Paid $48,000 cash to acquire land to be used in operations. Performed services for a customer on account for $2,400 and the customer promises to pay within one week. Paid for the furniture purchased on Jan.4 on account. Received $2,000 for services previously performed on account. Paid $4,800 cash for a one-year insurance policy, starting on February 1. Paid employees' salaries $2,400 and utilities $1,200. Paid cash dividends of $8,000. Instructions: Read each of the above transactions, then: A- Journalize the transactions (ignore explanation) B- Open T account for Cash and post the journal entries to Cash account ONLY, then compute its balance as on Jan.30