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1 Prepare each adjusting entry for each of the following: 2 3 a. During the year, $10,000 was received in advance from clients for services that have not yet been performed. This was recorded as service revenue. 4 5 6 7 8 b. Bad debt expense for the year is $15,000. 9 10 11 12 13 C. Prepaid insurance expired during the year $500. 14 15 16 17 18 d. Equipment is being depreciated at 20% per year. No depreciation was recorded during the year. 19 20 21 22 23 e. Hexagon borrowed $82,200 via a 90-day, 5% bank note on December 1, 2020. No interest has been recorded. 24 25 26 27 28 f. Office salaries and wages earned but unpaid December 31, 2021; $3,400. 29 30 31 32 g. Dividends of $25,000 were declared in the month of December. This has not been accounted for yet. 33 34 2 35 36 37 38 h. $450 of supplies remain at the end of the year. 39 40 41 42 43 Prepare closing entries necessary to close temporary accounts at the end of the year: 44 45 55,378 retain earning income summary 46 55,378 47 48 1 2 Hexagon Enterprises, Inc. Trial Balance December 31, 2021 3 4 Adjustments Debit Adjusted Debit Credit Income Statement Debit Credit Retained Earnings Debit Credit Balance Sheet Debit Credit 5 Credit 6 7 8 Unadjusted Debit Credit 89,020 103,100 1,500 3.920 1.000 100,000 20,000 9 10 11 12 13 14 15 16 17 18 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Deferred Revenue Interest Payable Salaries and Wages Payable Dividends Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Supplies Expense Bad Debt Expense Insurance Expense Depreciation Expense Rent Expense Salaries and Wages Expense Utilities Expense Office Expense Interest Expense Totals Net Income 82,200 15,000 17,510 19 20 21 196,500 22 23 24 25 26 27 10,000 22,800 1,100 1,770 28 29 30 31 332.710 332.710 32 33 Totals 34 35 36 37 38 39