Learning Objective 2 Check Figure Net Income = $34.185 Problem 5-3A Objective: To prepare a work sheet and journalize adjusting and closing entries Brenda Houcher, owner of Houcher Software Services, prepared the following trial balance on December 31, 20X2: Houcher Software Services Trial Balance December 31, 20X2 Account Title Debit Credit Cash 10 000 00 Accounts Receivable 200000 Office Supplies 250 000 Prepaid Insurance 120000 Office Equipment 18 000 00 Accumulated Depreciation Office Equipment 3 000 00 Accounts Payable 200 000 Salaries Payable Brenda Houcher, Capital 1576000 Brenda Houcher, Drawing 25 700 00 Service Revenue 77 600 00 Salaries Expense 22 500 00 Rent Expense 12 600 00 Advertising Expense 2 40000 Telephone Expense 90000 Office Supplies Expense Insurance Expense Depreciation Expense-Office Equipment Miscellaneous Expense 56000 Totals 983 60 00 98 56000 Adjustment data: (a) Office supplies on hand, $300. (b) Insurance expired during the year, $1,000. (c) Depreciation of office equipment, $1,000. (d) Unpaid salaries at year end, $255. Directions: 1. Prepare a work sheet for the year ended December 31, 20X2. 2. Journalize adjusting and closing entries