first vear of operations on December 31, Because this the annual accounting period, the company bookkeeper prepared the following tentative income Jay, Inc., a party rental business, completed statement: the end Income Statoment Rental revenue $110,000 Experse nd wages expense 25.100 10.300 Maintenance expense Rent expense 7,400 Gas and oil expense 4.000 Miscellaneous expenses (items not listed elsewhere) 2,000 expenses $ 57.500 Income audit the company's accounting systems and review the financial statements. In your audit, you developed additional data as follows: You are an independent CPA hired by the company a. Wages for the last three days of December amounting to $770 were not recorded or paid. b. Jay estimated telephone usage at $360 for December, but nothing has been recorded or paid. d. Interest on a $13,000, one-year, 6 percent note payable dated October 1 of the current year was not recorded. The 6 percent interest is payable on the maturity date of the note. e. Maintenance expense excludes $2,200, representing the cost of maintenance supplies used during the current year. f The Unearned Rental Revenue account includes $4,700 of revenue to be eamed in January of next year. g. The income tax expense is $5,900. Payment of income tax will be made next year. Required: 1. What adjusting entry for each item (a) through (g) should Jay record at December 31? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answer to whole dollars.) View transaction list Journal entry worksheet 6 1 2 3 4 7 Wages for the last three days of December amounting to $770 were not recorded or paid. Note: Enter debits before cred its. General Jourmal Transaction Debit Credit a view general journal Record entry Clear entry 2. Prepare a corected income statement for the current year in good form, including eamings per share, assuming that 6,900 shares of stock are outstanding all year. (Round "Earnings per share" to 2 decimal places. Round final answer to whole dollars.) JAY, INC. Income Statement Operating Revenue: Operating Expenses Total expenses Other Item: Earnings per share 3. Compute the total asset turnover ratio based on the corrected information. Assume the beginning of the year balance for Jay's total assets was $58,420 and its ending balance for total assets was $65,580. (Round decimal places.) your a Total asset turmover ratio