How do I prepare adjusting entries for part 2?
2nVested $150,000 to start a consulting practice titled Redmon Consulting 2 Paid $7,200 for a 2-year renter's insurance policy 3 Paid cash for a Dell computer, $1,700. This equipment is expected to remain in service for five years and be worth $200 at the end of that time. 4 Purchased office furniture on account, $5,000. The furniture should last for five years and be worth $1,000 at the end of that time. 5 Purchased supplies on account, $750. 9 Performed consulting service for a client on account, $3,500. 12 Paid utility expense, $175 18 Performed service for a client and received cash of $2,800. 22 Received $1,200 in advance for client service to be performed evenly over the next 30 days. 22 Hired a secretary to be paid $3,000 on the 20th day of each month. The secretary begins work immediately 26 Paid $350 on account. 28 Collected $800 on account. 30 Withdrew $2,000 for personal use. 31 Paid monthly office rent, $750. Required 1) Prepare journal entries for the above transactions in the journal of Redmon Consulting Create accounts as necessary. 2) Post the journal entries to the ledger. Prepare a trial balance-December-2015 Redmon gathers the following information for adjusting entries on December 31 ne ntomation for adusting entries on December 31 Part a) Accrued service revenue, $1,200 b) Earned a portion of the service revenue collected on December 22 c) Supplies on hand, $75 d) Both the equipme e) Record the salary the secretary has earned since being hired ) Record expiration of prepaid insurance. Requirea 1) Prepare adjusting entries for the above transactions. 1) 2) Post these entries to the ledger 3) Prepare an adjusted trial balance, an income statement, a statement of owner's equity and a balance sheet as of I on December 31, 2015. 4) Prepare closing entries at December 31, 2015 and post to the ledger. ) Prepare a post-closing trial balance on December 31, 2015 Vrite a letter to the CEO explaining the current financial position of the company