CASH ALKAISMI CONSULTING SERVICES TRAIL BALANCE DECEMBER 31,2021 ACCOUNT NAME ACCOUNTS RECEIVABLES ALLOWANCE FOR UNCOLLECTIBLE SUPPLIES PREPAID INSURANCE EQUIPMENT ACCUMULATED DEWPRECIATION - EQUIPMENT NOTES PAYABLE COMMON STOCKS RETAINED EARNINGS CONSULTING SERVICE REVENUE RENT EXPENSES SALARIES & WAGES EXPENSES UTILITIES EXPENSES OFFICE EXPENSES TOTAL BALANCES OTHER INFORMATION ADJUSTING ENTRIES A. Consulting revenues in cash not recorded $2,720. B. Consulting revenues in account not recorded $3,250 C. Additional bad debts expenses increase by $310. D. Insurance expired for the period $1,200 E. Equipment depreciation 10% not recorded yet. 5%, 1 month. Used simple interest formula. I= P*R*T F. Salaries & Wages accumulated, $2,500. Not recorded & paid yet. Required: 1. Open Taccounts for the Trail balance. If needed, create accounts that arrive from the adjusting process. 2. Post the trial accounts balance in the T accounts. 3. Journalize the adjusting entries 4. post the adjustments to T accounts and balance again. 5. prepared the Income Statement, Retained Earnings Statement and the Balance Sheet from the adjusted T accounts. 6. Journalize the Closing Entries DEBIT CREDIT $ 59,000 99,200 $ 1,500 3,920 2,200 50,000 12,500 14,400 20,000 200,000 50,020 19,500 61,000 2,000 1,440 $ 298,260 $ 298,420