IV. Adjusting Entries and Completion of the Accounting Cycle P Inc.'s unadjusted trial balance as of 12/31/17 is provided below. Credits Debits $56,600 34,000 29,000 4,000 24,000 7.200 Cash Accounts Receivable Inventory Supplies Note Receivable Prepaid insurance Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Sales Revenue Service Revenue COGS Utilities Expense Salaries Expense $32,600 18,000 120,000 11,800 6,800 179,500 29,000 124,300 23,000 82,000 Total $390,900 $390,900 Analysis reveals the following additional information: a) A physical count showed that supplies totaling $900 remain on hand at 12/31/17. b) Employees are owed salaries for 4 days of a 5 day workweek; weekly payroll is $20,000. c), A customer signed a one-year service gontract with SAP Inc. for $18,000 on October 1, 2017. The customer paid the full amount on that date. d) SAP Inc. paid $7,200 for 10 months of insurance coverage on September 1, 2017. e) The note receivable was received from a customer on 3/31/17, with an annual interest rate of 6%. The note and interest will not be collected until 2/1/18. interest Given the information provided above, please: 8 months 1440m 1.) Prepare the necessary December 31 year-end adjusting entries (omit the explanation) and show the calculation process when necessary (25 points). addi s ting entries and prepare the Adjusted Trial Balance in the space provided below. Add any Adjusted Trial Balance Credits Adjustments 2.) Post the adjusting entries and prepare the additional accounts as needed (11 points) Usadjusted Trial Balance Debit Credits 556,600 Debits Accounts Receivable H.000 Inventory 29,000 Supplies 4.000 Note Receivable 24,000 LALO Prepaid Insurance $32,600 Accounts Payable Uneared Service Revenue Common Stock 18,000 4500 120,000 Retained Earnings 11,800 Credits 5100 34000 29000 3100 900 ty0660 72002 23 30 35430 13500 120 doo 11 800 6800 Ilalo 194460 4500 335 00 |124300 23 000 98000 3100 lo 16000 2880 Dividends 6,800 Sales Revenue 179,500 Service Revenue 29,000 COGS 124.300 Utilities Expense 23,000 Salaries Expense 82,000 11.000 3100 Supplies Exe salanes payable insurance Exp 2880 $390,900 $390,900 35800 35300 426740 426740