Prepare the necessary adjusting entry for each of the following: 1. Services provided but unrecorded totaled $900.2. Acerued salaries at yearend are $1,000.3. Depreciation for the year is $600. Share Capital-Ordinary 10,000 Retained Earnings 4,400 Dividends 2,500 Service Revenue 4,300 Supplies Expense 600 Depreciation Expense 2,500 Rent Expense. 1,900 \( \Varangle 32,500 32,500 \) The following ledger accounts are used by the Chicago Heights Dog Track: Accounts Receivable Prepaid Advertising Prepaid Rent Unearned Ticket Revenue Advertising Expense Rent Expense Ticket Revenue Sales Revenue Instructions For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (a) On September 1, paid rent on the track facility for three months, $210,000. (b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $840,000. (c) On September 1, borrowed $300,000 from First National Bank by issuing a 9% note payable due in three months. Question 1: Prepare adjusting entries for the following transactions. Omit explanations. 1. Depreciation on equipment is 800 for the accounting period. 2. There was no beginning balance of supplies and purchased 700 of office supplies during the period. At the end of the period 100 of supplies were on hand. 3. Prepaid rent had a 1,000 normal balance prior to adjustment. By year end 800 was unexpired. Question 2: Trench and Fog Garment Company purchased equipment on June 1 for $108,000, paying $24,000 cash and signing a 6%,2-month note for the remaining balance. The equipment is expected to depreciate $24,000 each year. Trench and Fog Garment Company prepares monthly financial statements. Instructions (a) Prepare the general journal entry to record the acquisition of the equipment on June Ist. (b) Prepare any adjusting journal entries that should be made on June 30 th. (c) Show how the equipment will be reflected on Trench and Fog Garment Company's statement of financial position on June 30 th. The adjusted trial balance of C.S. Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2017: 1. an income statement. 2. a statement of financial position. C.S. Financial Planners Adjusted Trial Balance (in 000) December 31,2017 Debit Credit Cash 5,000 Accounts Receivable .2,200 Supplies 2,800 Equipment 15,000 Accumulated Depreciation-Equipment 4,500 Accounts Payable 3,300 Unearned Service Revenue 6,000