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Could you please tell me whats the difference between the journal entry and the adjusting entry in the requirement 1? Thank you very much! Presented

Could you please tell me whats the difference between the journal entry and the adjusting entry in the requirement 1? Thank you very much! image text in transcribed
Presented below is the unadjusted trial Balance and September transactions for Queenstown Aircraft Ltd Before Adjustment After Adjustment Cr Cr Dr. 50,000 2800 3,600 18,000 Dr Cash Accounts Receivable Prepaid Insurance Machinery Accum. Depn-Machinery Accounts Payable Notes Payable Interest Payable Salaries and Wages Payable Unearned Sales Revenue Share Capital-Ordinary Retained Earnings Dividends Sales Revenue Salaries and Wages Expense Utilities Expense Insurance Expense Deprecation Expense Interest Expense Totals 1,200 2,800 10,000 6,000 7,200 46,800 3,200 8,000 2,100 1800 500 82000 82000 (a) On September 1, paid contents insurance for one year, $120,000. (b) On September 1, sold Xmas air tickets (departure date: December 20 December 30), sales totaled $600,000. On September 1, borrowed $100,000 from TSB Bank by issuing a 6% note payable due in 60 days. (e) The depreciation for the track machinery is $24,000 per year () On September 30, salaries for September is paid, $26,000 Required 1 prepare the joumal entry to record the initial transaction and then prepare the adjusting entry (if any) required on September 30, the end of the fiscal year, 2. prepare the ledger account (T account) for CASH 3. Finish the adjusted trial balance. 4. prepare the income statement, retained earnings statement, and the balance sheet

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