Please read through the instructions and requirements and answer the questions. Thank You

L.A. Valley College Acctg I Group Project Segment 2 Chapters: 3 & 4 The unadjusted Trial Balance of LMN Services, at December 31, 2016. Follows: LMN Services Trail Balance December 31, 2016 Balance Account Title Dr Cash Accounts Receivable Office Supplies Furniture Accumulated Depreciation-Furniture Building Accumulated Depreciation-Building Land Accounts Payable Salaries Payable Unearned Revenue Notes Payable (Long-Term) Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense-Furniture Depreciation Expense-Building Advertising Expense Utilities Expense $ Total $ 126,700 Cr 8,000 6,900 370 10,000 $ 7,000 40,000 25,000 13,000 1,800 500 5,500 9,000 14,000 0 25,000 63,900 16,500 730 2,500 1,200 2,500 $ 126,700 Additional Information: a. b. c. d. Services performed but not billed, $550. $1000 of the Unearned Revenue has been earned by year-end. Received December electricity bill, $350. This bill will be paid in January 2017. Supply-room report shows only $250 worth of Supplies are available. Requirements: 1. 2. 3. 4. 5. 6. 7. (a) Journalize adjusted entries, and (b) post the adjustments to their respective accounts (T accounts). Prepare the Adjusted Trial Balance at December 31, 2016. Prepare the Income Statement for the year ended December 31, 2016. Prepare the Retained Earnings Statement for the year ended December 31, 2016. Assume there were no additional investment during the year in the co. Prepare the Balance Sheet as of December 31, 2016. (a) Journalize and (b) post the closing entries. Indicate the balance of the Retained Earnings account after the closing entries are posted. Prepare the Post-Closing Trial Balance at December 31, 2016. Page 1