GL0401 Based on LO C3, P2, P3 The Green Initiatives Company began operations on December 1, 2017 The unadjusted trial balance of the Green Initiatives Company as of December 31, 2017 is found on the trial balance tab The following information is required to prepare the necessary adjusting entries for the Green Initiatives Company found in chapter 3 1) The balance in Prepaid insurance represents a 24 month policy that went into effect on December 1, 2017 Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any 2) Based on a physical count, supplies on hand total $4,350 Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any 3) The equipment is expected to have a 4 year useful life, and be worth about $12,000 at the end of four years Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry, if any 4) On December 26, the client paid a $7,800 60 day fee in advance, covering December 27 to February 24 Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any 5) Green Initiatives's sole employee earns $100 per day for a five day workweek beginning on Monday and ending on Friday The employee was last paid on Friday, December 26 Review the unadjusted balance in Salaries payable, and prepare the necessary adjusting entry, if any 6) In the second week of December, Green Initiatives agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,620 The terms of the initial agreement call for Green Initiatives to provide services from December 12, 2017, through January 10, 2018, or 30 days of service The club agrees to pay Green Initiatives $4,620 on January 10, 2018, when the service period is complete Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any Prepare the required adjusting and closing entries for the Green Initiatives Company Income Statement, Balance Sheet and Work SHeet

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GL0401 - Based on... LO C3, P2, P3 The Green Initiatives Company began operations on December 1, 2017. The unadjusted trial balance of the Green

GL0401 - Based on... LO C3, P2, P3

The Green Initiatives Company began operations on December 1, 2017. The unadjusted trial balance of the Green Initiatives Company as of December 31, 2017 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Green Initiatives Company found in chapter 3.

1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2017. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any.
2) Based on a physical count, supplies on hand total $4,350. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any.
3) The equipment is expected to have a 4-year useful life, and be worth about $12,000 at the end of four years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry, if any.
4) On December 26, the client paid a $7,800 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any.
5) Green Initiatives's sole employee earns $100 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries payable, and prepare the necessary adjusting entry, if any.
6) In the second week of December, Green Initiatives agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,620. The terms of the initial agreement call for Green Initiatives to provide services from December 12, 2017, through January 10, 2018, or 30 days of service. The club agrees to pay Green Initiatives $4,620 on January 10, 2018, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any.