Prepare a worksheet for Farrell Investment Advisers at December 31, 2024. The unadjusted balances have been entered for you in the trial balance columns of the worksheet. Complete the worksheet one section at a time beginning with the Adjustments section. Enter the adjustments along with the adjustment letter references(a),(b), (c), etc.into the columns as appropriate. In the following step, complete the Adjusted Trial Balance. Lastly, complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step.

Data Table Farrell Investment Advisers Unadjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash 25,000 46,000 5,000 23.000 $ 15,000 12,000 Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipments Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Farrell, Capital Farrell, Withdrawals 0 6,000 16,000 30,000 33,000 nu n nnh Print Done Question 17 This Test: 100 Data Table 23,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable 15,000 12,000 0 Unearned Revenue 6,000 16,000 Notes Payable (long-term) Farrell, Capital Farrell, Withdrawals 30,000 33,000 Service Revenue 99,000 M Insurance Expense Salaries Expense 2,000 34,000 Supplies Expense 0 3,000 Interest Expense Rent Expense 7,000 0 Depreciation Expense-Equipment 178,000 S 178,000 Total Print Done Abbreviations Used Acct Account A/R Supp A/D-Equip A/P Pay Unearn Rev. N/P (It) Accounts Receivable Supplies Accumulated Depreciation Equipment Accounts Payable Payable Unearned Revenue Notes Payable (long-term) Capital Withdrawals . W/D Rev. Revenue Ins. Exp Insurance Expense Exp Depr. Exp Expense Depreciation Expense-Equipment Print Done Adjustment data at December 31, 20 i (Click the icon to view the adjust Read the requirements X More Info a. b. c. d. Unearned Revenue earned during the year, $500 Office Supplies on hand $3,000 Depreciation for the year $4,000 Accrued Salaries Expense, $2,000. Accrued Service Revenue $9,000. e. Print Done The und Farrell Investment Advisers Worksheet December 31, 2024 Adjusted Adjustments Trial Balance Income Balance Sheet Unadjusted Trial Balance Statement Credit Debit Debit Credit Credit Credit Debit Debit Credit Debit Acct. Title 25,000 Cash AR Office Supp 46,000 5,000 23,000 Equipment AD-Equip AP 15,000 12,000 Salanes Pay Uneam Rev 6,000 16,000 30,000 NIP (1 Farrell, Cap Farrell WD Service Rev 33 000 99000 2,000 Ins Exp Salaries Exp 34,000 Adjustmen The unadjusted trial balance of Farrell Investment Advisers at December 31, 2024 follows PUR 40 UUU Office Supp 5.000 Equipment 23,000 AD-Equip 15.000 12 000 AP 6.000 Salaries Pay Unean Rev NP (1) Fanell Cap Farrell W/D Service Rev 16,000 30,000 33,000 99,000 2000 34.000 Ins. Exp Salaries Exp Supplies Exp Interest Exp 3.000 7000 Rent Exp Dopr Exp Total 178,000 178,000 Not income or loss Requirement 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume there were no contributions made by the owner during the year. Begin by preparing the income statement Review the income Statement columns of the worksheet completed in Requirement 1 Farrell Investment Advisers Income Statement Year Ended December 31, 2024 Net Income (Loss) Prepare the statement of owner's equity Assume that there were no contributions made by the owner during the year Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Exclude any zero-balance events for the period from the statement of owner's equity) Review the Balance Sheet columns of the worksheet completed in Requirement 1 Farrell Investment Advisers Statement of Owner's Equity Year Ended December 31, 2024 Farrell Capital January 1, 2024 Farrell, Capital, December 31, 2024 Review the Statement of Owner's Equity completed above Farrell Investment Advisers Balance Sheet December 31, 2024 Assets Liabilities Less Owner's Equity Requirement 3. Prepare closing entries (Record debits first, then credits Select the explanation on the last line of the journal entry table) Start by closing revenues Review the income Statement columns of the worksheet completed in Requirement 1 Date Accounts and Explanation Debit Credit Dec 31 Clos (1) Close expenses for the period. Review the Income Statement columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos (2) Close Income Summary Review the income Statement columns of the worksheet completed in Requirement 1 Debit Credit Date Accounts and Explanation Dec 31 Clos (3) Close withdrawals Review the Balance Sheet columns of the worksheet completed in Requirement 1 Date Accounts and Explanation Debit Credit Dec. 31 Clos (4)