*Correct the incorrect answers in red

On December 31, 2017. Dyer Inc. completed its first year of operations. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $ 157,000 Income Statement, 2017 Rental Revenue Expenses ! Salaries and Wages Expense $ 37,000 Maintenance Expense 20, 500 Hent Expense 24, 300 Utilities Expense 10,900 Gas and Oil ExpenSA Other Expenses 1.950 Total Expenses 99,150 Income $ 57.850 You are an independent CPA hired by the company to audit the firm's accounting systems and financial statements. In your audit, you developed additional data as follows: a Wages for the last three days of December amounting to $480 were not recorded or paid. b. The $655 telephone bill for December 2017 has not been recorded or paid. c. Depreciation on rental autos, amounting to $24.700 for 2017, was not recorded. d. Interest of $1,350 was not recorded on the note payable by Dyer Inc. e. The Rental revenue account includes $4,680 of revenue to be earned in January 2018 1 Maintenance supplies costing $940 were used during 2017, but this has not yet been recorded. 9. The income tax expense for 2017 is $12,100, but it won't actually be paid until 2018. Required: 1. Prepare adjusting journal entry for each item (a) through (g) should be recorded at December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Transaction General Journal Credit Debit 480 Salaries and wages expense Salaries and wages payable 480 2 b . 655 Utilities expense Accounts payable 655 3 C. 24,700 Depreciation expense Accumulated depreciation OOO OOO OO 24,700 1,350 Interest expense Interest payable 1,350 4.680 Rent revenue Deferred rental revenue 4,680 940 Supplies expense Supplies 940 12,100 Income tax expense Income taxes payablo 12.100 2. Prepare, in proper form, an adjusted income statement for 2017. DYER, INC Income Statement For the Year Ended December 31, 2017 Rent revenue 146,200 Expenses Salaries and wages Repairs and maintenance expense Rent exponso Utilities expense Gas and oil expense Depreciation expenso Interest expense Supplies Income tax expenso 37,000 20,500 24,300 10,800 4,700 24,700 1.360 12.100 Total expenses Income before Income tax expenso 136,390 9,810 Eettiatinilenteen in malhaaalaintamils n