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Please can you help to solve the before and after adjustments trial balance? Trial Balances Expense, Advertising Expense, Income Tax Expense, Interest Expense, Rent Expense,

image text in transcribedimage text in transcribedPlease can you help to solve the before and after adjustments trial balance?

Trial Balances Expense, Advertising Expense, Income Tax Expense, Interest Expense, Rent Expense, and Utilities Expense. On Dec 31, 2021, the end of its most recent fiscal year, Very Big Corp. Of America's post-closing trial balance was as follows: - Instructions a. Journalize the January transactions (including adjusting entries). b. Enter the opening balances in the ledger accounts (Use T-accounts). c. Post to the ledger accounts. d. Prepare a trial balance at Jan 31,2022 . e. Journalize and post adjusting entries for the month ending Jan 31,2022 . f. Prepare an adjusted trial balance. g. Prepare an income statement and a retained earnings statement for January and a balance sheet at Jan 31, 2022. (Net income $15,931, Total assets $125,090 ) The company underwent a major expansion in Jan. New staff was hired and more financing was obtained. Very Big Corp. Of America conducted the following transactions during lan2022,andadjusts its accounts monthly. Jan 01 Purchased equipment, paying $6,240 cash and signing a 2-year note payable for $19,960. The equipment has a 4 -year useful life. The note has a 6% interest rate, with interest payable on the first day of each following month. Jan 02 Issued 21,000 shares of common stock for $52,500 cash. Jan 03 Paid $3,900 cash for a 12-month insurance policy effective Jan 01 Jan 10 Collected $1,350 cash on account from Alchepax. This client was billed in December when Very Big Corp. Of America performed the service. Jan 14 Paid $1,550 cash for a utility bill. This was related to December utilities that were accrued at the end of December. Jan20 Performed services worth $23,200 on account and billed customers. Adjustment data: 1. Adjustment of prepaid insurance. 2. Equipment depreciation, $545 per month. 3. Accrual of interest on note payable. 4. Estimated utilities expense for January, $1,950 (invoice will be received next month). 5. Income tax for January, $4,350 will be paid next month. The chart of accounts for Very Big Corp. Of America contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated DepreciationEquipment, Accounts Payable, Notes Payable, Interest Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned Service Revenue, Common Stock, Retained Earnings, Income Summary, Service Revenue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages

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