I need help preparing journal entries to post the adjustments.

Rowan University Rohrer College of Business Department of Accounting & Finance Fall 2016 Principles of Accounting I Sections 3 & 10 Project There is an accompanying spreadsheet that is not perfectly formatted but it represents the data that was provided by a client for financial statement preparation. The following information is pertinent: 1. All insurance was paid in January for 1year policies that are now expired 2. The credit manager estimates that $350 of Accounts receivable will be uncollectible 3. Depreciation for 2015 has not yet been adjusted. The current year depreciation is estimated to be $474 4. The commissions are paid to independent contractors, not employees 5. No investments or withdraws were made by owners during the year 6. Some of the supplies and office supplies were specific to a certain project and were originally charged to expense categories 7. A physical count of ordinary office supplies indicated that $103 were still present 8. Client Expenses include items such as permits, inspections, etc. that were paid by the business for specific clients 9. The client has elected to omit substantially all notes and disclosures that would normally accompany a financial statement Directions: 1. Prepare journal entries to post the adjustments. 2. Prepare a Balance Sheet as of December 31, 2015 and the related statements for Income and Owners' Equity for the year then ended (a worksheet may be helpful). 3. Draft a cover letter forwarding these statements to your client (All Seasons Service) and guiding them in making adjusting and closing entries. Extra Credit: The American Institute of Certified Public Accountants has issued Statements on Standards for Accounting and Review Services. For extra credit, assume this is a compilation engagement under the most recent statements (SSARS 21). Compile these financial statements in such a way to conform with said standards. All Seasons Service Trial Balance 31Dec15 Cash Accounts Receivable Office Supplies Equipment Accumulated DepreciationEquipment Accounts Payable Credit Cards Payable Short Term Notes Payable Owner's Equity Service Revenue Advertising Bank Service Charge Client Expenses Refreshments Commissions Paid to Independent Contractors Tax Expense Dues and Subscriptions Filing Fees Gifts Insurance Interest Expense Meals and Entertainment Miscellaneous Expense Listing Fees Shipping Supplies Expense Office Supplies Expense Electronic Lock Subscription Telephone Expense Website Expense 126 1708 213 23190 22 282 598 24 18583 500 1447 420 25 852 982 286 189 168 40 67 164 206 1893 150 TOTALS 52135 2709 849 3454 5250 500 39373 52135