Complete the adjustments and adjusted trial balance below. (Dont do Closing.)

(Company Name)

Trial Balances

As of August 31, 2021

Unadjusted Trial Balance Adjustments Adjusted Trial Balance Closing

Accounts Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.

Cash 13,025

Accounts Receivable 125

Prepaid Insurance 600

Supplies 150

Equipment 3,000

Accumulated Depreciation

Accounts Payable 50

Interest Payable

Notes Payable 10,000

Common Stock 5,000

Retained Earnings 0

Sales Revenue 2,350

Rent Expenses 450

Interest Expense

Depreciation Expense

Insurance Expense

Supplies Expense

Dividends 50

Total 17,400 17,400

OK IF YOU LOOK ABOVE I HAVE INSERTED SCREENSHOTS OF THE ENTIRE PROBLEM. NOW I HAVE TO DO THE ADJUSTMENTS/ TRIAL BAL ETC. YOU SHOULD BE TO ANSWER MY ORIGINAL QUESTION NOW WITH MY PREVIOUS ANSWERS.

For Questions 1) through 4) below, prepare adjusting journal entries for the current month, August 2021. Each question is worth 1 point. (4 points) 1) The $10,000 bank loan (from Question 2) carries 6% annual interest, payable semi- annually on June 30 and December 31. The loan was taken out on August 15, 2021. Half month interest expense should be accrued. Interest Expense Interest Payable 25 ($10000 x 96 x 4 = 825) year month he hill. manche 2) The $3,000 equipment (from Question 4) has 5-year service life with no salvage value. The equipment was placed in service on August 15, 2021, and straight-line depreciation is used for the equipment. Half month depreciation expense should be accrued. 25 Depreciation Expense Accumulated Depreciation ($3000* * = 525) year mangh halt-month 3) The insurance on the equipment was bought when the equipment was placed in service on August 15, 2021. Half month insurance expense should be accrued. 25 Insurance Expense Prepaid Insurance ($ boot = $25) ox 25 month half-mouth 4) The company used about one third of supplies by the end of August. Supplies Expense so Supplies so ($150 x' = $50), General Ledger Assets = Liabilities + Equity Cash Common Stock Accounts Payable 10015 *** MODO Retained Earnings 225 50 Sales Revenue Notes Payable 10000 Rent Expense Accounts Receivable 350 225 Interest Payable 25 Interest Expense 25 Prepaid Insurance 60025 Depreciation Expense 25 Supplies 150 Insurance Expense 25 Equipment 3000 Supplies Expense 50 Dividends Accumulated Depreciation 25 For Questions 1 through 11, prepare journal entries for the transactions. Each question is worth 1 point. (11 points) Use the account titles that are provided on the next page on General Ledger. Example: The company bought a piece of land by paying $25,000 cash. Land 25,000 Cash 25.000 1. The company raised $5,000 cash by issuing common stock. Cash 5ooo Common Stock 2. The company raised $10,000 cash by taking out a bank loan for that amount Cash Notes Payable 700 3. The company made a service sales for $2,000 cash. Cash Equipment Sales Revenue 4. The company bought a piece of equipment for $3,000 cash. 3000 cash 3000 5. The company bought one-year insurance on the equipment for $600 cash. Prepaid Insurance boo Cash Goo 6. The company bought supplies for $150 on credit. supplies Accounts Payable 150 7. The company made a service sales of $350 on credit Accounts Receivable 350 Sales Revenue 8. The company received a cash payment of $225 from previous credit sales. Cash Accounts Receivable 225 9. The company paid $100 cash for the credit purchase of supplies. Accounts Payable Cash loo 10. The company paid rent expense of $450 in cash. Rent Expense Cash 11. The company paid $50 cash dividend. Dividends Cash 5 12. Post the journal entries for Questions through 11 to the T-accounts on the next page. (11 points) 7. The company made a service sales of $350 on credit Accounts Receivable 350 Sales Revenue 8. The company received a cash payment of $225 from previous credit sales. Cash Accounts Receivable 225 9. The company paid $100 cash for the credit purchase of supplies. Accounts Payable Cash loo 10. The company paid rent expense of $450 in cash. Rent Expense Cash 11. The company paid $50 cash dividend. Dividends Cash 5 12. Post the journal entries for Questions through 11 to the T-accounts on the next page. (11 points) General Ledger Assets Liabilities + Equity Cash Common Stock Accounts Payable 10015 0 30 Retained Earnings ZOOO Roca 226 Notes Payable Sales Revenue loooo 350 Accounts Receivable Rent Expense 350 225 Interest Payable Interest Expense Prepaid Insurance 600 Depreciation Expense Supplies Insurance Expense Equipment 3000 Supplies Expense Accumulated Depreciation Dividends so