CH4 Completing the Accounting Cycle, Q3 Wilypus

Question 3 View Policies Current Attempt in Progress The unadjusted trial balance for Ivanhoe Engineering at its year end, December 31, 2021, is as follows: IVANHOE ENGINEERING Trial Balance December 31, 2021 Debit Credit Cash $8.900 5.950 5,150 A$ 150 7.440 12 400 Accounts receivable Supplies Prepaid insurance Notes receivable Equipment Accumulated depreciation-equipment Accounts payable H. Duguay.capital H. Duguay, drawings 27.000 $8.100 4,600 40,140 54,500 Service revenue 107.000 Salaries expense 38.500 $159,840 $159.840 Additional information: 1. Services of 510,650 was provided but unrecorded and uncollected as at December 31, 2021 2. On June 1, the company purchased a one-year insurance policy. 3. Depreciation on the equipment for 2021 is $2.700. 4. A count on December 31, 2021, showed $1.800 of supplies on hand. 5. The four-month. 496 note receivable was issued on October 1, 2021. Interest and principal are payable on the maturity date. Prepare adjusting entries for the year ended December 31, 2021. (Credit account des are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec 31 (To accrue revenue earned but not billed or collected Dec 31 (To record insurance expired) Dec 31 v (To record depreciation) Dec 31 V (To record supplies used) Dec 31 v (To record accrued interest Post the adjusting entries. (Post entries in the order of ouma entries presented in the previous part) Accounts Receivable Interest Receivable Prepaid Insurance Supplies Accumulated Depreciation Equipment V Service Revenue Interest Revenue Supplies Expense Depreciation Expense Insurance Expense V Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account cities and enter Ofor the amounts) Date Account Titles and Explanation Debit Credit Dec 31 (To close revenue accounts) Dec. 31 (To close expense accounts) Dec 31 (To close profitto capital)