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The Pelcher Marketing Company began operations on December 1, 2021. The unadjusted trial balance of the Pelcher Marketing Company as of December 31, 2021 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entrles for the Pelcher Marketing Company found In chapter 3. 1) The balance In Prepald Insurance represents a 24-month policy that went Into effect on December 1, 2021. Review the unadjusted balance In Prepaid Insurance, and prepare the necessary adjusting entry, If any. 2) Based on a physical count, supplies on hand total $4,350. Revlew the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have a 4-year useful life, and be worth about $12,000 at the end of four years. Review the unadjustec balance in Accumulated depreclation, and prepare the necessary adjusting entry, If any. 4) On December 26 , the cllent paid a $7,80060-day fee In advance, covering December 27 to February 24 . Revlew the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, If any. 5) Pelcher Marketing's sole employee earns $140 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last pard on Friday, December 26. Revlew the unadjusted balance In Salarles payable, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Pelcher Marketing agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $6,300. The terms of the Initial agreement call for Pelcher Marketing to provide services from December 12,2021 , through January 10, 2022, or 30 days of service. The club agrees to pay Pelcher Marketing $6,300 on January 10, 2022, when the service period is complete. Revlew the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. Prepare the required adjusting and closing entrles for the Pelcher Marketing Company. General Journal tab -For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Then prepare the required closing entries. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement, Statement of OWner's Equity, Balance Sheet tabs - The financial statements will display the unadjusted, adjusted, or post-closing balances, based on your selection. Worksheet tab - Prepare the worksheet, and compare the amounts reported on the worksheet with the amounts reported on the financial statements. For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly rep earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Then, required closing entries. \begin{tabular}{|c|c|c|c|c|c|c|c|} Requirement & GeneralJournal & GeneralLedger & Trial Balance & IncomeStatement & StOwnerEquity & Balance Sheet & Work Sheet \end{tabular} You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Pash Pelcher Marketing Trial Balance December 31, 2022 Account Title Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned consulting revenue L. Pelcher, Capital L. Pelcher, Withdrawals Consulting revenue Rental revenue Depreciation expense Salaries expense Insurance expense Rent expense Supplies expense Utilities expense Total Revenues and expenses are temporary equity accounts. They represent the change in equity attributable to the operation of the business during the current period. These temporary equity amounts are closed at the end of each account period. There are four subsets of equity: Investments by the owner, withdrawals by the owner, revenues and expenses. These fou subsets are compiled in the owner's capital account at the end of the period during the closing entry process. The ending capital balance is transferred to the equity section of the balance sheet. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The detail of equity is not found on the balance sheet; only the ending capital balance appears on the balance sheet. The detail of equity is reported on the income statement and statement of owner's equity
