GL0401 - Based on... LO C3, P2, P3 The Stam Consulting Company began operations on December 1, 2019. The unadjusted trial balance of the Stam Consulting Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Stam Consulting Company found in chapter 3. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. 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 $3,900. 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 $9,000 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 $13,200 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) Stam Consulting's sole employee earns $110 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, Stam Consulting agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $5,580. The terms of the initial agreement call for Stam Consulting to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Stam Consulting $5,580 on January 10, 2020, 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 Stam Consulting Company Requirement General Journal General Ledger Income State St Owner har Balance Balance Sheet Work Sheet General Journal tab -For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue eamed or the expense incurred. Then prepare the required dosing entries. General Ledger tab - Each journal entry is posted automatically to the general ledger Use the drop-down button to view the unadjusted, adjusted, or post.closing balances Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement, Statement of Owner's Equity, Balance Sheet tabs - The financial statements will display Journal entry worksheet 2 3 4 5 6 7 8 9 10 The balance in Prepaid Insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid Insurance, and prepare the necessary adjusting entry, If any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal UlaululBuy. He earned on the expense incurred. Arter adjusting the accounts, review the inanciar statemes required closing entries. View transaction list Journal entry worksheet Based on a physical count, supplies on hand total $3,900. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, If any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet Journal entry worksheet L Journal entry worksheet Journal entry worksheet Unadjusted Stam Consulting Income Statement For Month Ended December 31, 2019 Revenues: Expenses: Unadjusted Stam Consulting Balance Sheet December 31, 2019 Assets Current assets: Total current assets: Plant assets: Equipment, net Liabilities Equity For the Year Ended December 31, 2019 Unadjusted Trial Balance Dr. Cr. 10,855 Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Income Statement Dr. Cr. St. of Owner's Equity & Balance Sheet Dr. Cr.. Account 5.200 6.000 37.800 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salaries payable Uneamed consulting revenue J. Stam, Capital J. Stam, Withdrawals Consulting revenue 8,200 13.200 36,000 1,200 7,000 Rental revenue Depreciation expense 1,870 Salaries expense Insurance expense 1.850 Rent expense Supplies expense Uites expense Totals Net income 375 65,150 65,150 Totals