P4-8 (Algo) Inferring Year-End Adjustments, Computing Earnings per Share and Total Asset Turnover, and Recording Closing Entries L04-1, 4-3, 4-4 [The following information applies to the questions displayed below.) Ramirez Company is completing the Information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. Trial Balance, December 31 of the current Year Before After Adjusting Entries Adjustments Adjusting Entries Items Debit Credit Debit Credit Debit Credit a. Cash $ 14,300 $ 14,300 b. Accounts receivable 450 C. Prepaid insurance 840 560 d. Equipment 169,789 169,780 e. Accumulated depreciation, equipment $ 41,880 $ 47,000 f. Income taxes payable 1,940 g. Connon stock and additional paid-in capital 184, eee 184,000 h. Retained earnings, January 1 20,688 20,600 i. Service revenue 73,888 74,250 j. Salary expense 55,280 55,280 k. Depreciation expense 5,208 1. Insurance expense 280 m. Income tax expense 1,940 $ 240,200 $ 240, 280 $ 247,790 $ 247,790 P4-6 Part 1 Required: 1. Compare the amounts in the columns before and after the adjusting entries to reconstruct the adjusting entries made in the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction Mat Journal entry worksheet 2 3 4 Record the adjusting journal entry related to revenue. Note: Enter debits before credits. Debit Credit Transaction 1 General Journal Accounts receivable Service revenue Record entry Clear entry View general Journal Journal entry worksheet 0 1 2 3 Record the adjusting journal entry related to insurance. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Journal entry worksheet