Instruction Salaries of $5,400 are paid for a five-day week on Friday Required: Prepare the adjusting journal entry that is required if the month ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 41 Fees Earned 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 6 Office Building 17 Accumulated Depreciation-Office Building 25 Interest Payable EQUITY 31 Common Stock 32 Retained Eamings 33 Dividends General Journal Prepare the adjusting journal entry on December 31, that is required if the month ends on Thursday. Refer to the Chart of Accounts for exact wording of account tities. PAGE JOURNAL DATE OESCRIPTION POST, REF DEBIT CREDIT REVENUE ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Salaries Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Salaries Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends The journal entry to close the Fees Earned, $125, and Rent Revenue, $44, accounts during the year-end closing process would be: Dec. 31 Income Summary 169 169 Revenues Dec. 31 Income Summary Dec. 31 Revenues Dec. 31 Fees Earned 169 125 Fees Earned Rent Revenue 169 169 Income Summary 125 Rent Revenue 169 Income Summary