On July 31, 20X1, after one month of operation, the general ledger of Michael Domenici, Consultant, contained the accounts and balances given below. ACCOUNTS AND BALANCES Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Advertising Furniture Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable $25,460 Dr. 1,430 Dr. 950 Dr. 10,350 Dr. 2,160 Dr. 396 Dr. 13,031 Dr. 7,165 Dr. 17,600 Cr. 5,400 Cr. Interest Payable Unearned Accounting Fees 5,880 Cr. 30,632 Cr. 2,900 Dr. 8,900 Cr. Michael Domenici, Capital Michael Domenici, Drawing Accounting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Advertising Expense Depreciation Expense-Furniture Depreciation Expense-Equipment Interest Expense ADJUSTMENTS 4,100 Dr. 265 Dr. 205 Dr. a. On July 31, an inventory of the supplies showed that items costing $625 were on hand. b. On July 1, the firm paid $10,350 in advance for six months of rent. c. On July 1, the firm purchased a one-year insurance policy for $2,160. d. On July 1, the firm paid $396 for four months of advertising. The ads began running in July. e. On July 1, the firm purchased office furniture for $13,031. The furniture is expected to have a useful life of seven years and a salvage value of $1,775. f. On July 1, the firm purchased office equipment for $7,165. The equipment is expected to have a useful life of five years and a salvage value of $1,825. g. On July 1, the firm issued a three-month, 8 percent note for $9,600. h. On July 1, the firm received a consulting fee of $5,880 in advance for a one-year period. Required: 1. Prepare a partial worksheet with the following sections: Trial Balance, Adjustments, and Adjusted Trial Balance. Use the data about the firm's accounts and balances to complete the Trial Balance section. 2. Enter the adjustments described above in the Adjustments section. 3. Complete the Adjusted Trial Balance section. Analyze: By what total amount were the expense accounts of the business adjusted? Complete this question by entering your answers in the tabs below. Partial Worksheet Analyze Complete the partial worksheet. Michael Domenici, Consultant Partial Worksheet Month Ended July 31, 20X1 Trial Balance Adjustments Account Name Debit Credit Debit Credit Adjusted Trial Balance Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Advertising Furniture Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Unearned Accounting Fees Michael Domenici, Capital Michael Domenici, Drawing Accounting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Advertising Expense Depreciation Expense-Furniture Depreciation Expense-Equipment Interest Expense Totals $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 < Partial Worksheet Analyze > On July 31, 20X1, after one month of operation, the general ledger of Michael Domenici, Consultant, contained the accounts and balances given below. ACCOUNTS AND BALANCES Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Advertising Furniture Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable $25,460 Dr. 1,430 Dr. 950 Dr. 10,350 Dr. 2,160 Dr. 396 Dr. 13,031 Dr. 7,165 Dr. 17,600 Cr. 5,400 Cr. Interest Payable Unearned Accounting Fees 5,880 Cr. 30,632 Cr. 2,900 Dr. 8,900 Cr. Michael Domenici, Capital Michael Domenici, Drawing Accounting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Advertising Expense Depreciation Expense-Furniture Depreciation Expense-Equipment Interest Expense ADJUSTMENTS 4,100 Dr. 265 Dr. 205 Dr. a. On July 31, an inventory of the supplies showed that items costing $625 were on hand. b. On July 1, the firm paid $10,350 in advance for six months of rent. c. On July 1, the firm purchased a one-year insurance policy for $2,160. d. On July 1, the firm paid $396 for four months of advertising. The ads began running in July. e. On July 1, the firm purchased office furniture for $13,031. The furniture is expected to have a useful life of seven years and a salvage value of $1,775. f. On July 1, the firm purchased office equipment for $7,165. The equipment is expected to have a useful life of five years and a salvage value of $1,825. g. On July 1, the firm issued a three-month, 8 percent note for $9,600. h. On July 1, the firm received a consulting fee of $5,880 in advance for a one-year period. Required: 1. Prepare a partial worksheet with the following sections: Trial Balance, Adjustments, and Adjusted Trial Balance. Use the data about the firm's accounts and balances to complete the Trial Balance section. 2. Enter the adjustments described above in the Adjustments section. 3. Complete the Adjusted Trial Balance section. Analyze: By what total amount were the expense accounts of the business adjusted