Can someone please correct my mistakes.
The unadjusted trial balance of the Smart Deals Company as of December 31, 2021 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Smart Deals Company, 1) The balance in Prepald insurance represents a 24-month policy that went into effect on December 1, 2021. Review the unadjusted 2) Based on a physical count, supplies on hand total $4,650. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have a 5-year useful life, and be worth about $10,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a $9,000 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Smart Deals's employee earns $120 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Smart Deals agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $3.900. The terms of the initial agreement call for Smart Deals to provide services from December 12, 2021, through January 10, 2022, or 30 days of service. The club agrees to pay Smart Deals $3,900 on January 10, 2022, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. ULU ULI Requirement Journal Balance Sheet Ledger Trial Balance Statement Equity income For transactions 1-6, review the unadjusted balance from the Trial Balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy No Date Account Title Debit Credit Dec 31 Insurance expense 350 Prepaid insurance 350 1 2 Dec 31 1.550 Supplies expense Supplies oo 3 Dec 31 550 > Depreciation expenso - Equipment Accumulated depreciation - Equipment 550 4 Dec 31 750 > Consulting revenue Uneared consulting revenue 750 5 Dec 31 360 Salarios expenso Salarios payable 360 o 6 Dec 31 2,600 Accounts receivable Consulting revenue 2,600 Requirement General Ledger > Smart Deals Trial Balance December 31, 2021 Account 1 tle Debit Credit $ 7,655 2,600 6,200 8,050 43,000 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned consulting revenue D. Kelley Capital D. Kelley Withdrawals Consulting revenue Rental revenue Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Supplies expenso Utilities expense Total 550 14,200 360 9,750 38.000 1,200 10,650 400 550 2,400 350 1,500 1.550 405 75,460 5 73,910 Adjusted Smart Deals Income Statement For Month Ended December 31, 2021 Revenues: Consulting revenue 10,650 Rental revenue 400 $ 11,050 > Total revenues Expenses: Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Supplies expense Utilities expense tt SI 550 2.400 350 1,500 1,550 405 > Total expenses Net Income 6.755 4,295 $ Unadjusted Smart Deals Income Statement For Month Ended December 31, 2021 Revenues: Consulting revenue 8,800 Rental revenue 400 $ $ 9,200 Total revenues Expenses: Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Supplies expense Utilities expense 1 OOOOOO 0 2,040 0 1,500 0 405 Total expenses Net income 3,945 5,255 adjusted balances will appear for each account, based on your selection. Unadjusted Smart Deals Statement of Owner's Equity For Month Ended December 31, 2021 D. Kelley Capital, December 1, 2021 Add: Net income Less: Withdrawals by owner D. Kelley Capital, December 31, 2021 $ 38,000 5,255 (1,200) 42,055 The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted Smart Deals Statement of Owner's Equity For Month Ended December 31, 2021 D. Kelley Capital, December 1, 2021 Add: Net income Less: Withdrawals by owner D. Kelley Capital, December 31, 2021 38,000 4,295 (1,200) 41,095 Income Statement Balance Sheet > Adjusted Smart Deals Balance Sheet December 31, 2021 Assets Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment 7,655 t t 2,600 6,200 8,050 43,000 (550) 0 66,955 Total assets $ Liabilities Accounts payable Salaries payable Unearned consulting revenue te 14,200 360 9,750 0 Total liabilities 24,310 Equity D. Kelley Capital 41,095 Total equity 41,095 Total liabilities and equity $ 65,405 Unadjusted Smart Deals Balance Sheet December 31, 2021 Assets Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment 7,655 0 6,200 8,400 43,000 0 0 65,255 Total assets $ Liabilities Accounts payable Salaries payable Unearned consulting revenue 14,200 0 9,000 0 Total liabilities 23,200 Equity D. Kelley Capital 42,055 Total equity 42,055 Total liabilities and equity 65,255 Impact on net incomo 350 1,550 > >> 550 Unadjusted Account affecting the: Adjusting entry related to: Income statement Balance Sheet Insurance Insurance expense Prepaid insurance Supplies Supplies expense Supplies Depreciation expense- Accumulated depreciation - Depreciation Equipment Equipment Fees collected in advance Consulting revenue Unearned consulting revenue Salaries Salaries expense Salaries payable Work performed in advance Consulting revenue Accounts receivable Total impact on income due to adjustments Net income before adjustments: Net income after adjustments: Had the adjustments not been prepared, Income would have been overstated by 750 360 2,600 $ 6,160 5,255 4.295 22.35% $ > 2,600 $ 6,160 5,255 4,295 22.35% $
