Manitoba Mini Homes Corp. has annual earnings of $24,100 in its unadjusted trial balance. The company prepares financial statements annually, with adjusting journal entries recorded at year-end. The following items have not yet been addressed for the fiscal perlod ended 31 December: a. A 12 -month, $3,360 insurance policy that commenced on 1 September was paid on 1 September and debited to prepaid insurance at that time. The prepaid insurance account already had a balance of $2,010 on 1 September in relation to the prior insurance coverage, which explied on 30 August. b. The office supplies inventory account had a balance of $800 at the beginning of the year. Supplies costing $3,400 were purchased during the year and expensed as bought. There is an inventory of $1,200 physically on hand at the end of the year. c. Manitoba completed a mini-home sale on the last day of the fiscal year but has not yet recorded the transaction. The mini-home was sold for $55,500, and the proceeds were to be pald in early January. The unit has a cost of $42.600 and was still in inventory on the books as of 31 Decembet. d. A service charge of $210, a deduction from the cash account per the bank statement for December, has not yet been recorded. Interest on outstanding loans for $860 was also taken out of the bank account in December but is not recorded. e. A customer paid a $9.500 deposit for repairs in December. This amount was credited to revenue, but the work is not expected to be done until January. 1. A customer paid $6,960 in early November for one year's rent on a mini-home, a rental arrangement effective on 1 November. Thecash recelved was credited to revenue in November. 9. A customer paid $7.800 in early August for one year's rent on a mini-home, a rental artangement commencing on 1 August. The cash recelved was credited to unearned revenue in August. h. A customer who rents a mini-home did not pay her rent in November or December, although the company believes that the amount will be poid in January. Nothing has been recorded for November or December. Monthly rental is $1,000 on this unit. Required: 1. Journalize each of the above transactions in generai joumal form, as needed. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: Journalize each of the above transactions in general journal form, as needed. (Do not round your intermediote colculotions. If no ontry is required for o tronsaction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet 2. Calculate the revised earnings for the period, reflecting the adjustments in requirement 1
