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Need help setting up Adjusted balance, Unadjusted balance, trial balance, Income statement, balance sheet, retained earnings, and closing entries. Guadalupe Rios demonstrated entrepreneurial spirit by

Need help setting up Adjusted balance, Unadjusted balance, trial balance, Income statement, balance sheet, retained earnings, and closing entries. image text in transcribed
Guadalupe Rios demonstrated entrepreneurial spirit by starting a graphic design business called G's Designs. Based on an excellent business plan, Guadalupe was able to raise sufficient capital to begin operations on 1 July 2019. Guadalupe must now close the books at 31 December and prepare financial statements, 4 6 8 Item Adjusting entries needed 1 The balance in the Prepaid Insurance is from annual premium paid on 1 July 2 Office supplies were physically counted on 31 December 2019, totalling $1,300. 3 The equipment was purchased on the first day of operations. It is expected to last 8 years. Completed 25% of the design services for the only customer who paid in advance. $ Unpaid wages at 31 December are $800. Sent invoices for $20,000 in Design work completed the last week of December 7 The utility bill for December has not yet been received. The average utility bill is $150. Rent is payable one year in advance. On 1 July, 12 months of rent was paid. 9 Guadalupe paid a $2,200 Dividend to the Stockholders G's Designs General Ledger Accounts G's Designs Accounts Payable Unadjusted Trial Balance Accounts Receivable As of 31 December 2019 Accumulated Depreciation DEBIT CREDIT Cash Cash 11,020.00 Common Stock Accounts Receivable 8,000.00 Depreciation Expense Prepaid Insurance 16,000.00 Design Fees Earned Prepaid Rent 17,000.00 Dividend Office Supplies 4,500.00 Equipment Equipment 24,000.00 Insurance Expense Accounts Payable 9,770.00 Office Supplies Unearned Fees 7,500.00 Prepaid Insurance Common Stock 60,000.00 Prepaid Rent Design Fees Earned 8.000,00 Rent Expense Utilities Expense 750.00 Retained Earnings Wages Expense 4,000.00 Supplies Expense Totals 85,270,00 85,270.00 Uncarned Fees Utilities Expense Wages Expense Wages Payable

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