I need help making adjusted journal entries and making the adjustments on a Horizontal Close Please!

Corporation Name UCLA 325000 2000000 45891 14000 2103000 25000 456000 5000 56000 125000 46000 101000 14000 2000 Accounts payable Accounts receivable Accrued expenses payable Accumulated depreciation Cash Common Stock Cost of goods sold Current maturities on long term debt Depreciation expense Equipment Administrative expense Income tax expense Income taxes payable Political expenses Interest expense Insurance Expense Interest income Land Long term debt Long term investments Bonds Payable Marketable securities N/A Prepaid expenses Retained earnings Sales revenues Shares Outstanding Short Notes Payable Unearned revenues Utilities expense Wages expense 3500 3000000 456 45000 11000 5126142 31000 2442750 10560545 4500 32000 56000 54000 564000 OHUPOVIC Group 1 - UCLA CORPORATION 2 In reviewing the initial trial balance, it is clear that adjustments must be made before the adjusted 3 trial balance will be correct. Deferred Accounts: 1. Eleven percent of the sales revenues are funds received for products to be delivered in 2015. 2. Insurance costs of $7,000 which were shown as prepaid expenses in the unadjusted trial balance provided coverage for 2014. 3. Equipment has been used to generate revenues. The company estimates $2000 in depreciation for 2014. Depreciation is entered only at year end at the time of the adjusting entries. Accrued Accounts 4. Wages have been paid through December 28th. The seven employees worked December 29, 30 and 31. and each earned $5000 per day. 5. An extra telephone line was installed in December. The telephone bill for $900 including hookup and usage charges was received on February 4th, 2015. 6. Interest accrues on the short term notes payable at an annual rate of 12 percent. The principal has been outstanding all month. Interest expense has been accounted for through November 30, 2014 Interest on other debt has been paid at December 31, 2014. 7. The estimated income tax rate is 23%. Corporation Name UCLA 325000 2000000 45891 14000 2103000 25000 456000 5000 56000 125000 46000 101000 14000 2000 Accounts payable Accounts receivable Accrued expenses payable Accumulated depreciation Cash Common Stock Cost of goods sold Current maturities on long term debt Depreciation expense Equipment Administrative expense Income tax expense Income taxes payable Political expenses Interest expense Insurance Expense Interest income Land Long term debt Long term investments Bonds Payable Marketable securities N/A Prepaid expenses Retained earnings Sales revenues Shares Outstanding Short Notes Payable Unearned revenues Utilities expense Wages expense 3500 3000000 456 45000 11000 5126142 31000 2442750 10560545 4500 32000 56000 54000 564000 OHUPOVIC Group 1 - UCLA CORPORATION 2 In reviewing the initial trial balance, it is clear that adjustments must be made before the adjusted 3 trial balance will be correct. Deferred Accounts: 1. Eleven percent of the sales revenues are funds received for products to be delivered in 2015. 2. Insurance costs of $7,000 which were shown as prepaid expenses in the unadjusted trial balance provided coverage for 2014. 3. Equipment has been used to generate revenues. The company estimates $2000 in depreciation for 2014. Depreciation is entered only at year end at the time of the adjusting entries. Accrued Accounts 4. Wages have been paid through December 28th. The seven employees worked December 29, 30 and 31. and each earned $5000 per day. 5. An extra telephone line was installed in December. The telephone bill for $900 including hookup and usage charges was received on February 4th, 2015. 6. Interest accrues on the short term notes payable at an annual rate of 12 percent. The principal has been outstanding all month. Interest expense has been accounted for through November 30, 2014 Interest on other debt has been paid at December 31, 2014. 7. The estimated income tax rate is 23%