p4 is the question that needs to be answered

Chapter Assignments 133 Ozaki Tax Service Trial Balance December 31,20x8 Accounts Receivable Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation-Office 2,268 1,031 240 782 7,100 Equipment Accounts Payable Unearned Tax Fees J. Ozaki, Capital J. Ozaki, Withdrawals Tax Fees Revenue Office Salaries Expense Advertising Expense Rent Expense Telephone Expense 5 770 635 219 6000 5439 21,926 8,300 650 2,400 218 $2,99 $28.969 28,989 The following information is also available a. Office supplies on hand, December 31, 20x8, $227. b. Insurance still unexpired, $120. d. Telephone expense for December, $19, the bill was received but not recorded. c. The services for all unearned tax fees had been pertformed by the end of the year Required 1. Open T accounts for the accounts in the trial balance plus the following Office Supplies Expense; Insurance Expense; and Depreciation Expense- Office Equipment. Record the balances shown in the trial balance. 2. Determine the adjusting entries and post them directly to the T accounts 3. Prepare an adjusted trial balance, an income statement, a statement of own er's equity, and a balance sheet. The owner made no investments during the period Why is it not necessary to show the eflects of the above t statement of cash flows? transactions on the User insight4. Determining Adjusting Entries and Tracing Their Effects to Financial Statements LO3 L04 P5. Elite Livery Service was organized to provide limousine service between the Kairport and various suburban locations. It has just completed its second year of business. Its trial balance is on the following page. The following information is also available: a. To obsain space at the airport, Elite paid two yean' rent in advance when it began the business. b. An examination of insurance policies reveals that $2,800 expired during the year L Gang, Capital L Gang, Withdrawals Service Revenue Salaries Expense Rent Expense Utilities Expense 72,600 49,400 4,400 4,280 $118,052 118,052 The following information is also available a. Ending inventory of office supplies, $264. b. Prepaid rent expired, $440 Depreciation of office equipment for the period, S660. d. Accrued interest expense at the end of the period, $550. e Accrued salaries at the end of the period, $330. Service revenue still unearned at the end of the period, S1,166 g. Service revenue carned but unrecorded, $2,200. Regwired l. Open T accounts for the accounts in the trial balance plus the following Interest Payable; Salaries Payable; Office Supplies Expense; Depreciation Expense-Office Equipment, and Interest Expense. Enter the balances shown on the trial balance. 2. Determine the adjusting entries and post them directly to the T accounts 3. Prepare an adjusted trial balance User insight4. Which financial statements do cach of the above adjustments affect? Which financial statement is mor affected by the adjustments? Determining Adjusting Entries and Tracing Their Effects to Financial Statements P4. Joyce Ozaki opened a small tax-preparation service. At the end of its second year of operation, Ozaki Tax Service had the trial balance that appears on the next page. LO3 L04