Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $33,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,600 per year. 2. On June 30, the company lends its chief financial officer $36,000; principal and interest at 5% are due in one year. 3. On October 1, the company receives $10,400 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Equipment costing $33,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,600 per year. Record the adjusting entry for depreciation at its year-end of December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $ 9,400 14,400 6,480 3,400 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 2,400 11,000 5,400 46,880 32,000 $65,680 $65,680 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,480, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $2,400, represents payment in advance from a customer. By the end of the year, $600 of the services have been provided. 3. An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2022. 4. The balance of Supplies, $3,400, represents the amount of office supplies on hand at the beginning of the year of $1,400 plus an additional $2,000 purchased throughout 2021. By the end of 2021, only $740 of supplies remains. 2. Prepare an adjusted trial balance as of December 31, 2021. Credit DEMON DEACONS CORPORATION Adjusted Trial Balance December 31, 2021 Accounts Debit Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Salaries Payable Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Supplies Expense Totals Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012-2021. Volunteers began operations in 2013, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) VOLUNTEERS INC. RAIDERS INC. ($ in millions) ($ in millions) Net Retained Net Retained Income (Loss) Earnings Income (Loss) Earnings $ 0 $ 31 $ 12 $ (59) Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 14 (147) 561 343 58 94 146 344 The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit 11,900 149,000 5,900 29,500 390,000 $ Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals 134,000 11,900 10,900 4,900 39,000 290,000 59,000 490,000 390,000 19,500 39,000 4,900 $1,039, 700 $1,039, 700 2. Prepare a statement of stockholders' equity for the year ended December 31, 2021, assuming no common stock was issued during 2021. FIGHTIN' BLUE HENS CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Balance at January 1 Less: Dividends Balance at December 31 The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit $ Debit 11,900 149,000 5,900 29,500 390,000 $ Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals 134,000 11,900 10,900 4,900 39,000 290,000 59,000 490,000 390,000 19,500 39,000 4,900 $1,039,700 $1,039, 700 3. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) FIGHTIN' BLUE HENS CORPORATION Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Total liabilities Long-term assets: Stockholders' Equity Total long-term assets Total assets Total stockholders' equity Total liabilities and stockholders' equity