Please provide answers AND explanations for each of the 5 questions. correct answers will get a thumbs up.

Thank you!

Question 4 1 pts USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (5) QUESTIONS: Magic Cleaning Services has a fiscal year end of December 31st. It is in its first year of operations. As of December 31, Magic has the following unadjusted trial balance: Debit Credit $ 430,900 $158,000 $111,000 $ 90,000 Account Cash Accounts Receivable Supplies Building Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Wage Expense Rent Expense Utilities Expense Administrative Expense TOTALS $ 45,900 $ 108,000 $ 100,000 -0- $ 619,200 $ 48,600 $ 12,400 $ 6,200 $ 16,000 $ 873,100 $ 873,100 In addition, Magic has not yet adjusted for the following: 40 TOTALS $ 873,100 $ 873,100 In addition, Magic has not yet adjusted for the following: 1. The building was purchased on March 1 of the current year. It has a 30-year life, 10% salvage value and Magic uses the straight-line method for depreciation. 2. On September 1, Magic prepaid $12,400 for 10 months of rent on a warehouse. The original entry was recorded as Rent Expense. 3. By December 31st, 30% of the of the services related to the Unearned Revenues had been performed 4. Wages of $4,600 should be accrued and are scheduled to be paid on January 2. 5. Supplies of $98,000 were still on hand at year end. 6. Based on industry averages, it is estimated that 3% of the accounts receivable will prove to be uncollectible. Required: To record AJE #2, Magic should do which of the following to record the correct adjustment: credit Prepaid Rent for $4,960 debit Rent Expense for $7,440 Debit Prepaid Rent for $4,960 credit Rent Expense for $7,440 Studies Plata Volunteering Aventuras Aburrida? A Cuquerias Residence Stages Camelio Question 5 1 pts Using the information presented above for Magic Cleaning Services, determine Net Income AFTER all adjustments have been recorded: $ ("Note: When recording your answer, do not use a dollar sign or comma. Example: If your answer is $452,000, enter your answer as 452000.) Question 6 1 pts Using the information presented for Magic Cleaning Services, IF none of the (6) adjusting journal entries had been recorded, determine the effect on Total Assets ASSETS LIABILITIES EQUITY [BLANK_A] ("NOTE: When recording your answer, use o for Overstated, U for Understated, or NE for No Effect. Do not space between your O/U/NE and the dollar amount of the error. Example: If your answer for the effect on Assets is Understated by $10,500, enter your answer as U10500. Do not use dollar signs or commas when recording your answer.) MON Studies Plata Volunteering Aventuras Aburrida? Cuquerias Residencia Stages I Camello Question 7 1 pts Using the information presented for Magic Cleaning Services If none of the (6) adjusting journal entries had been recorded, determine the effect on Total Liabilities ASSETS LIABILITIES EQUITY Blank B] ("NOTE. When recording your answer use 0 for Overstated, u for Understated, or NE for No Effect Do not space between your OXUNNE and the dollar amount of the error. Example: If your answer for the effect on Assets is Understated by $10,500, enter your answer as U10500 Do not use dollar signs or commas when recording your answer) D Question 8 1 pts Using the information presented for Magic Cleaning Services, If none of the (6) adjusting journal entries had been recorded, determine the effect on Total EQUITY ASSETS LIABILITIES EQUITY (BLANK) ("NOTE When recording your answer, use for Overstated. U for Understated or NE for No Effect Do nol space between your OXUNE and the dollar amount of the error. Example your answer for the effect on Assets is Understated by $10,500, enter your answer as U10500. Do not use dollar signs or commas when recording your answer)