Kristian Teleki operates a consulting service for businesses wanting to open stores in new locations. The business's general ledger had the following balances for the fiscal year ended April 30, 2015 Credit 4) 5) 6) Bank Accounts Receivable Allowance for Doubtful Acc Prepaid Insurance Prepaid Copler Rental Supplies Land 7) Building Accumulated Amortization Building Office Furniture Accumulated Amortization -Office Furniture Equipment Accumulated Amortization Equipment Line of Credit Accounts Payable Loan Payable Mortgage Payable K Teled Cantal K. Teleki, Drawings Consulting Fees Business Taxes Utilities Office Expense Copier Rental Expense Salaries Debit 22,720 13,200 5,150 720 3,670 15,000 85,000 26.700 20,000 24,000 1.800 1,470 6,700 960 16,440 243,530 510 REQUIRED: Prepare the worksheet. Record the adjusting entries and closing entries in the General Journal. 8,000 10.000 14,200 10.500 Additional information: 1) Prepaid insurance is a one year policy purchased on November 1, 2014. Supplies were counted April 30. The cost value of the inventory was $360. 2) 3) The building was purchased May 1, 2010. Its estimated useful life is 40 years and salvage value is $5000. Teleki uses straight-line amortization for the building. The office furniture was purchased May 1, 2010. Its estimated useful life is 10 years and salvage value is $1700. Teleki uses straight-line amortization for the furniture. The equipment is being amortized using declining balance method and a 30% rate. The copier is rented from a company which requires six months rent in advance. The $700 rent was paid on March 1. Uncollectible accounts are estimated at 5% of accounts receivable. 9,200 15,700 02.000 17,520 75,900 243,530