However, as the accountant of Loong Company, you notice the following additional informationmay require some more adjusting entries before preparing the financial statements:

$(1)$ On November $25,2023,$ a customer paid $$18,550$ to Loong Company in advance for an orderand the transaction was immediately recorded. Eventually half of the services were deliveredin December.$(2)$ Wages had been paid up to December $26,2023.$ Three staff of Loong had worked throughoutthe last $5$ days of December and they will be paid on January $1$ next year. Wage rate per staffis $$200$ per day.

$(3)$ On October $1,2023,$ the company lent $$25,000$ to one of its employees by signing a one yearnote at $6\%$ interest rate per annum. The principal plus interest will be payable by theemployee at the end of the loan period.

$(4)$ On December $31,2023$ a physical count was taken by the staff of Loong showing thatsupplies on hand at year end amounted to $$1,200.$

$(5)$ The estimated useful life of equipment is seven years and straight$-$line method is adopted. Itwas found that depreciation expense had been updated to September, $2023$ only.

$(6)$ On January $1,2023$ the Company paid and recorded in its books a two years$$ insurancepremium covering its facilities.

$(7)$ On November $15,2023,$ $$18,000$ rent was paid to the Company$$s landlord for December $2023$and January $2024.$ This transaction has been recorded in its books on the same day.

$(8)$ On December $31,$ the Company declared a cash dividend of $$0\mathrm{.}2$ per share to be paid in thefollowing year.

$(9)$ On December $31,2023.$ A $$3,000$ electricity bill belonged to one of the owner$$s home wasposted to Loong Company.

$(10)$ The income taxes expense for the year was estimated at $$25,000.$

Required:$($a$)$ Prepare the necessary adjusting journal entries on December $31,2023$ so as to bring thefinancial records of Loong up$-$to$-$date. Use the account titles given in the Trial Balance orcreate new accounts where appropriate. Workings are required, but explanations areNOT required. If no adjusting entries are required, state $$No entry$$ and name accountingprinciple applied. $(29$ marks$)$

$($b$)$ Prepare the income statement of Loong Company for the year ended December $31,2023,$showing breakdown of items under the captions of Total Revenues, Total Expenses, Profitbefore Tax, Profit after Tax. $(16$ marks$)$

$($c$)$ Prepare the statement of financial position as of December $31,2023,$ showing breakdown ofitems under the captions of Assets, Liabilities, and Shareholders$$ Equity $($Vertical format$).(25$ marks$)$