Chapters $3$ & $4$ Adjusting and Closing Entries

The data refers to Flexserve Electronics on December $31,2024.$

A$.$ The company's weekly payroll is $$8,750,$ paid each Friday for a five$-$day workweek.

Assume December ${31}^{st}$ falls on a Monday, but the employees will not be paid their

wages until Friday January $4,2023.$

B$.$ Depreciation of equipment for the year is $$20,000$

C$.$ Flexserve Electronics is paid $$120,000$ on August $1,2024$ in advance for the installation

of alarm systems in various buildings for the next $8$ months.

D$.$ On July $1,2022$ the company purchased a $24-$month insurance policy for $$3,840$

E$.$ The company earned $$3,000$ of $$11,000$ job. The job will not be billed until completed.

F$.$ Supplies used up $$2500$

Prepare any necessary adjusting entries.

Prepare an adjusted trial balance.

Prepare closing entries.

Prepare a Balance Sheet.

Prepare an Income Statement