On December 31, 20Y2, the end of the current year, Jasmine Companys accounting clerk prepared the following unadjusted trial balance:

	Unadjusted Trial Balance
	DR	CR
Cash	15,000.00
Account Receivables	25,000.00
Prepaid Insurance	6,000.00
Supplies	3,000.00
Land	250,000.00
Buildings	120,000.00
Acc. Dep- Building		85,000.00
Equipment	155,000.00
Acc. Dep- Equipment		110,000.00
ACC. Payables		15,000.00
Unearned Rent		9,000.00
Common stock		95,000.00
Retained Earnings		75,000.00
Dividend	15,000.00
Fees earned		337,500.00
Salaries Expenses	65,000.00
utilities Expenses	45,000.00
Advertising Expenses	15,000.00
Repair Expenses	7,500.00
Misc Expenses	5,000.00
Total	726,500.00	726,500.00

The data needed to determine year-end adjustments are as follows:

Unexpired insurance on December 31, $ 2,000.

Depreciation of building for the year, $9,000.

Rent unearned on December 31, $3,000.

Accrued salaries and wages on December 31, $ 6,500.

Required:

Journalize the adjusting entries above. (4 marks)

Calculate the net income/(loss) for the year from the Adjusted trial balance. (4.5 Marks)

From the trial balance, classify the permanent accounts into Assets, Liabilities and Equities.? (6.5 Marks)