I need help solving problem 1 and 2. See instructions for problem 1 a through e. Problem 2 see instructions on preparing adjusting entries using the data provided in 1 through 5.

Important Note: Many students found it very helpful in using homework spreadsheet as template for the quiz problems and you may also use word document files. Some students are submitting multiple excel worksheets for homework assignment, but you only need to submit one excel worksheet- Just open a new tab in the worksheet for others QUIZ 1 (ANSWER BOTH PROBLEMS) Problem #1: Dave Johnson Corporation open for business Jan 1 and provide you with their trial balance: Dave Johnson Corporation Trial Balance 1/1/2016 Cash Prepaid Insurance Account Receivable Supplies Land Buildings Equipment Accounts Payable Unearned Service Revenue Mortgage Payable Common Stock Retained Earnings Dividends Service Revenue Salaries & Wages Expense Utilities Expenses Repairs and Maintenance Expense Debit $196,000 $45,000 $0 $26,000 $200,000 $1,200,000 $160,000 Credit $45,000 $46,000 $600,000 $910,000 $90,000 $50,000 $762,000 $448,000 $92,000 $36,000 $2,453,000 Other Information: Transactions for the Month of January 1/5 Purchased supplies on account for $15,000 1/7 Purchased equipment for $25,000 cash 1/10 Billed customers $50,000 for services performed 1/12 Paid $10,000 for utilities 1/14 Paid wages of $15,000 1/16 Paid $5,000 for repairs 1/18 Made $8,000 in payment towards accounts payable 1/20 Received $35,000 from collection on account receivables 1/22 Dividend payment of $5,000 to shareholders 1/24 Purchased four acres of land for $15,000 1/26 Paid wages of $13,000 $2,453,000 1/31 Paid mortgage of $10,000 Instructions: a. Prepare journal entries for January's transactions b. Post transactions to the appropriate general ledger accounts (T Accounts) c. Prepare adjusted trial balance as at January 31 d. Prepare an income statement, statement of retained earnings and balance sheet for the month of January e. Prepare a closing summary Problem #2: Dave Harris opened a lawn service company on April1, 2012. At April 30, the trial balance shows the following selected accounts shown below: Prepaid Insurance Equipment Notes Payable Unearned Service Revenue Service Revenue $3,600 $28,000 $20,000 $4,200 $1,800 Analysis of the accounts revealed the following additional data: 1. 2. 3. 4. Prepaid insurance is the cost of a 2 year insurance policy, effective April 1 Depreciation on the equipment is $500 per month The note payable is dated April 1. It is a 6-month 12% note Seven customers paid for the company's 6 month's lawn service package of $600 beginning April. The company performed services for these customers in April 5. Lawn services provided other customers but not recorded at April 30 totaled $1,500 Instructions: Prepare the adjusting entries for the month of April and show your computations