Bus 211 Financial Accounting Chapter 03 Excel HW Problem Due Date: September 14, 2023 (submit hard copy in class - two sets - solution and formulas) Lynbrook IT Services, Inc. provides IT services to small and medium sized companies. Lynbrook adjusts its accounts every month. The company's year-end unadjusted trial balance dated December 31, 2023, follows. (adjusting entries have already been made for the first 11 months of 2023, but have not been made for December) Lynbrook IT Services, Inc. Unadjusted Trial Balance December 31, 2023 Your accounting staff has collected the following data to aid in the preparation of adjusting entries for December 31, 2023. 1. On December 1, the company signed a new rental agreement and paid three months' rent ($12,000) in advance. This advance payment was debited to the Prepaid Office Rent account. The rent term begins December 1, 2023. 2. A count of supplies on hand was made at December 31; the cost of the unused supplies was $1,800. 3. The useful life of the equipment has been estimated at 6 years from date of acquisition. 4. Accrued interest on the notes payable amounted to $500 at year-end. 5. Dues and subscriptions expiring during December amounted to $250. 6. Consulting services valued at $4,100 were rendered during December to clients who had made payment in advance. 7. At December 31, consulting services valued at $12,000 had been rendered to clients but not yet billed. No advance payments had been received from these clients. 8. Salaries earned by employees but not paid as of December 31 amount to $2,100. 9. The total income taxes expense for the year is estimated to be $59,000. Requirement: 1. Prepare the necessary adjusting journal entries on December 31, 2023. 2. Prepare the company's December 31,2023 adjusted trial balance. 3. Prepare an income statement for the year ending December 31, 2023. 4. Calculate the number of months Lynbrook has owned the Office Equipment as of December 31, 2023. Reminder: Use the excel HW policies for preparing your solutions to the above questions, including the standard four line heading. Excel formulas shall be used for any computations required for your solution. Submit a hard copy of your solution and a formula page in class on the due date. Refer to the syllabus and the Excel Tips and Reminders handout, posted in Canvas, for assistance