I need help understanding adjusting journal entries?

ACC2310 PRACTICAL APPLICATI0N: ASSIGNMENT #2 INSTRUCTIONS This assignment should be completed using this word document. Assignments need to be submitted on or before the due date specified by the instructor. Consult the course calendar for assignment due dates. Upload your assignment via the gradebook. Your assignment grade and the marked file With Feedback will be available for your review through the Gradebook once it has been marked. Scroll past the grade to the individual questions to see comments and corrections. This assignment is worth 10% of your final grade and is out of 37 marks. Grading Rubric Criteria Exceeds Requirements Meets Requirements Adjusting Entries Prepares all journal entries correctly Prepares a minimum of 70% of journal entries correctly (17) (13-16) Accurately prepares 100% of the adjustsed trial balance Accurately prepares a minimum of 70% of the Adjusted Trial Balance (8-9) Prepares a minimum of 70% of journal entries correctly Adjusted Trial Balance Closing Entries (10) Prepares all journal entries correctly (10) Comments Weighted Average (8-9) Meets Requirements but Needs Work Prepares a minimum of 50-69% of journal entries correctly (9-12) Does Not Meet Requirements Accurately prepares a 5069% of the Adjusted Trial Balance Accurately prepares less than 50% of Adjusted Trial Balance (6-7) Prepares a minimum of 50-69% of journal entries correctly (6-7) (0-5) Prepares less than 50% of journal entries correctly Grade Prepares less than 50% of journal entries correctly (0-8.5) (0-5) Total /37 /10 The trial balance of LMNOP Company Inc. Contains the following accounts at September 30, 2015. Account Title Cash Accounts Receivable Inventory Prepaid Rent Supplies Office Equipment Accumulated Amortization- Office Equipment Equipment Accumulated Amortization- Equipment Notes Payable Interest Payable Accounts Payable Unearned Revenue Salaries Payable LMNOP, Capital LMNOP, Withdrawal Sales Cost of Goods Sold Salaries Expense Advertising Expense Telephone Expense Repair Expense Delivery Expense Rent Expense Interest Expense Total Debit Credit 29,200 82,000 105,000 30,000 8,600 225,000 86,000 128,000 39,000 85,000 78,500 5,000 365,000 2,000 926,000 611,500 150,000 46,400 24,000 32,100 46,700 64,000 1,584,500 1,584,500 The following information is made available to you the accountant: 1) Store supplies on had totalled $3,100. 2) Depreciation is $40,000 on the office equipment and $30,000 on the other equipment 3) Interest of $9,000 is accrued on notes payable at September 30, 2015. 4) September 30 is a Wednesday. Weekly salary is $7,500 and was last paid on Friday September 25. The work week is Monday-Friday. 5) The landlord required rent to be paid 6 months in advance as of June 1, 2015. 6) The unearned revenue was for work paid for in advance and to be completed by August 31. The deadline was met. 1) Required: Prepare any necessary adjusting entries. 17 marks Date: Entry # 1 2 3 4 5 6 Account Debit Credit 2) Prepare and Adjusted Trial Balance: 10 marks Account Title Cash Accounts Receivable Inventory Prepaid Rent Supplies Office Equipment Accumulated Amortization- Office Equipment Equipment Accumulated Amortization- Equipment Notes Payable Interest Payable Accounts Payable Salary Payable Unearned Revenue LMNOP, Capital LMNOP, Withdrawal Sales Cost of Goods Sold Salaries Expense Advertising Expense Telephone Expense Supplies Expense Depreciation Expense: Office Depreciation Expense: Equipment Repair Expense Delivery Expense Rent Expense Interest Expense Total Debit Credit 3) Prepare the Closing Entries : 10 marks Account Debit Credit