Prepare the necessary closing entries on the "Journal Entries" , and update the t-accounts

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Prepare each adjusting entry for each of the following: a. During the year, $10,000 was received in advance from clients for services that have not yet been performed. This was recorded as service revenue. Cash $ 10,000 Service revenue $ 10,000 b. Bad debt expense for the year is $15,000. Bad debt expense Account recievable $ 15,000 $ 15,000 C. Prepaid insurance expired during the year $500. Insurance expense Prepaid insurance $ 500 $ 500 d. Equipment is being depreciated at 20% per year. No depreciation was recorded during the year. No entry necessary e. Hexagon borrowed $82,200 via a 90-day, 5% bank note on December 1, 2020. No interest has been recorded. Cash $ 82,200 Note payable $ 82,200 f. Office salaries and wages earned but unpaid December 31, 2021; $3,400. Salaries & wages expense $ 3,400 Salaries & wages payable $ 3,400 g. Dividends of $25,000 were declared in the month of December. This has not been accounted for yet. Dividend $ 25,000 Cash $ 25,000 h. $450 of supplies remain at the end of the year. Supplies expense Supply payable $ 450 $ 450 Prepare closing entries necessary to close temporary accounts at the end of the year: Accounts Receivable 103,100 Unadj. Bal unadi ee Unadj. Bal Allowance for Doubtful Accounts 1 500 1,500 Supplies 3,920 Prepaid Insurance 1,000 Unadj. Bal Cash 89,020 10,000 82 200 Unadj. Bal. Unadj. Bal Unadj. B. 3,920 25,000 156 220 15,000 88,100 500 Sod Deferred Revenue Interest Payable Equipment 100,000 Unadj. Bal. Accumulated Depreciation - Equipment 20,000 Unadj. Bal. 20,000 100,000 Salaries and Wages Payable Notes Payable Common Stock Service Revenue Bad Debt Expense 15,000 3,400 15,000 Unadj. Bal 82,200 Unadj. Bal. 82,200 3,400 196,500 Unadj. Bal. 10,000 15.000 1,500 13,500 206,500 164,400 Depreciation Expense Interest Expense Insurance Expense 500 Rent Expense 10,000 Unadj. Bal. Unadj. Bal. Salaries and Wages Expense 22,800 3,400 500 10,000 26,200 Utilities Expense Dividends Payable Office Expense 1,770 Dividends 25,000 Supplies Expense 450 Unadj. Bal 1,100 Unadj. Bal. 1,100 1,770 25,000 450 450 Retained Earnings 17,510 Unadj. Bal. . 17,510 I Trial Balance December 31, 2021 Adjustments Debit Income Statement Debit Credit Retained Earnings Debit Credit 92,200 Credit 25,000 15,000 Unadjusted Debit Credit 89,020 103,100 1,500 3,920 1,000 100,000 20,000 Adjusted Debit Credit 156,220 88,100 1,500 3,470 500 100,000 20,000 Balance Sheet Debit Credit 156,220 88,100 1,500 3,470 500 100,000 20,000 450 500 3,400 3,400 3,400 82,200 82,200 15,000 17,510 164,400 15,000 17,510 164,400 15,000 17,510 17,510 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Deferred Revenue Interest Payable Salaries and Wages Payable Dividends Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Supplies Expense Bad Debt Expense Insurance Expense Depreciation Expense Rent Expense Salaries and Wages Expense Utilities Expense Office Expense Interest Expense Totals Net Income Totals 25,000 25,000 25,000 25,000 196,500 10,000 206,500 206,500 450 15,000 500 450 15,000 500 450 15,000 500 3,400 10,000 22,800 1,100 1,770 10,000 26,200 1,100 1,770 10,000 26,200 1,100 1,770 332,710 332,710 136,550 136,550 428,310 428,310 206,500 373,290 55,020 151,480 206,500 25,000 143,990 168,990 17,510 151,480 168,990 221,810 151,480 373,290 206,500 373,290