James and Holly Johnson started a consulting business on December 1, 2021. They called the business Johnson & Johnson Consulting, Inc. T-accounts have been set up for the following accounts: Cash Accounts Receivable Supplies Prepaid Rent Computer Equipment Accumulated Depreciation Computer Equipment Furniture Accumulated Depreciation Furniture Accounts Payable Unearned Service Revenue Salary Payable Common Stock Dividends Service Revenue Rent Expense Utilities Expense Salary Expense Supplies Expense Depreciation Expense Journalize and Post the following transactions for Johnson & Johnson Consulting, Inc. for December 2021. Explanations are not required. Dec 1-James & Holly Johnson Invested $20,000 in the business. Johnson & Johnson issued Common Stock to the Johnsons. Dec 1 Paid $1,200 for one year of office rent Dec 3-Purchased Supplies on account $500. Dec 3-Purchased a Computer on account, $1600. Dec 4-Purchased Furniture for office for $2,700 Cash. Dec 4-Performed Consulting Services for $900 cash. Payment was received immediately upon completion of services Dec 7-Performed Consulting Services on account, $1,400 Dec 9 Paid Telephone bill, $160 Dec 11-Paid for heat & electricity, $85 Dec 15-Received $2,000 to perform Consulting services over the next month. Assume revenue is earned evenly over the next 30 days. Dec 21-Paid employees $1200 Dec 30-Dividends Paid-$1,000 Prepare Trial Balance Journalize and Post the following Adjustments Accrued Service Revenue, $400 Supplies on Hand, $300 Adjust for Unearned Revenue (refer to the Dec 15 entry) Assumed half of the revenue was earned. Salary earned but not paid on Dec 31, $750 Rent Expired, $100 Depreciation Expense on Computer Equipment (Estimated Useful life of 4 years with no salvage value. Round to the nearest dollar. Remember you are recording depreciation expense for December only.) Depreciation Expense on Furniture (Estimated Useful life of 4 years with salvage value of $200.) Round to the nearest dollar. Remember you are recording depreciation expense for December only.) Prepare Adjusted Trial Balance Prepare Income Statement, Statement of Retained Earnings and Balance Sheet What is Johnson & Johnson's Profit Margin Ratio? Current Ratio? Debt Ratio? Do you believe the company is in good financial condition as of Dec 31, 2021? Why or Why Not? Which accounts will be closed at the end of the period