Edison C.C is a company that offers consulting services. The company prepares the financial statements at the end of the December and records the adjusting entries on monthly basis. Below you can find the unadjusted Trial Balance as of December 31st 2019.

Below you can find a list of the adjusting entries that needs to be recorded.

Revenue Accruals for December 31, 2019, amount to $1,500

$2,500 of cash receipts originally that clients paid in advance had been earned as of December 31.

September 1,2019 for $1,800 the company purchased an insurance policy covering 6 months.

On the first day of the month company paid the rent for 3 months.

Supplies on hand are $500

The equipment will be used for 10 years. After that the residual value will be 0.

First day of August the company signed a notes payable. The principle is $12,000 and the annual interest rate is 8%. The whole principal and the interest expense will be paid in the first day of February 2020.

Salaries Expense for December equal to $2,000. The salaries are paid on January 10th 2020.

$20,000 is the value of the estimated tax for the entire year. Taxes will be paid on March 2020.

Please :

Journalize the above transactions (provide also the explanation)

Prepare the General Ledger

Prepare the Adjusted Trial Balance

Prepare the Income Statement

Prepare the Balance Sheet

Edison C.C is a company that offers consulting services. The company prepares the financial statements at the end of the December and records the adjusting entries on monthly basis. Below you can find the unadjusted Trial Balance as of December 31^st 2019.

Below you can find a list of the adjusting entries that needs to be recorded.

1. Revenue Accruals for December 31, 2019, amount to $1,500
2. $2,500 of cash receipts originally that clients paid in advance had been earned as of December 31.
3. September 1,2019 for $1,800 the company purchased an insurance policy covering 6 months.
4. On the first day of the month company paid the rent for 3 months.
5. Supplies on hand are $500
6. The equipment will be used for 10 years. After that the residual value will be 0.
7. First day of August the company signed a notes payable. The principle is $12,000 and the annual interest rate is 8%. The whole principal and the interest expense will be paid in the first day of February 2020.
8. Salaries Expense for December equal to $2,000. The salaries are paid on January 10th 2020.
9. $20,000 is the value of the estimated tax for the entire year. Taxes will be paid on March 2020.

Please :

1. Journalize the above transactions (provide also the explanation)
2. Prepare the General Ledger
3. Prepare the Adjusted Trial Balance
4. Prepare the Income Statement

31-Dec-19 unadjusted trial balance
Account Tittle	Debit	Credit
Cash	27,020.00
Accounts Receivable	59,200.00
Prepaid Insurance	900.00
Prepaid Rent	3,000.00
Office supplies	600.00
Equipment	60,000.00
Accumulated-Depreciation:Equipment		29,500.00
Accounts Payable		4,180.00
Notes Payable		12,000.00
Interest Payable		320.00
Income Tax Payable		4,000.00
Unearned Revenues		26,000.00
Retained Earnings		49,000.00
Capital Stock		25,000.00
Dividends	3,000.00
Service Revenues		75,000.00
Travel Expense	5,000.00
Insurance Expense	2,980.00
Rent Expense	9,900.00
Office Supplies Expense	780.00
Utilities Expense	4,800.00
Depreciation Expense	5,500.00
Salaries Expense	30,000.00
Interest Expense	320.00
Income Tax Expense	12,000.00
Total	225,000.00	225,000.00