l Digi 4G 17:45 78%- online.vitalsource.com P3-36A Journalizing and posting adjustments to the four-column accounts and preparing an adjusted trial balance The unadjusted trial balance of Newport Inn Company at December 31, 2016, and the data needed for the adjustments follow. NEWPORT INN COMPANY Trial Balance December 31, 2016 Account Title Cash Accounts Receivable Prepaid Insurance Office Supplies Building Debit S 11,900 13,900 3,500 1,100 515,000 350,000 4,500 Accounts Payable Salaries Payable Unearned Revenue Coffey, Capital Coffey Withdrawals Service Revenue Salaries Expense Insurance Expense 2,500 175,620 2,170 2500 18.200 Advertising Expense Supplies Expense Total 750 550,820 550,820 l Digi 4G 17:45 78%- a online.vitalsource.com Adjustment data at December 31 follow: a. As of December 31,Newport had $600 of Prepaid Insurance remaining b. At the end of the month, Newport had $700 of office supplies remaining c. Depreciation on the building is $3,500. d. Newport pays its employees weekly on Friday. Its employees earn $1,500 for a five-day workweek. December 31 falls on Wednesday this year e. On November 20, Newport contracted to perform services for a client receiving $2.500 in advance. Newport recorded this receipt of cash as Unearned Revenue. As of December 31, Newport has $1,500 still unearned 1. Journalize the adjusting entries on December 31 2. Using the unadjusted trial balance, open the accounts (use a four-column ledger) with the unadjusted balances. Post the adjusting entries to the ledger accounts 3. Prepare the adjusted trial balance. 4. Assuming the adjusted trial balance has total debits equal to total credits, does this mean that the adjusting entries have been recorded correctly? Explain. Using the worksheet to record the adjusting journal entries Ganville Theater Production Company's partially completed worksheet as of P3-37A December 31, 2016, follows. %4,000 4,000 Office Suplies 8,000 13 500 13 50 31,000 31,000 3,800