PROBLEM #3. (Journalizing and Adjusting Entries) Chart of Accounts H. Clinton started a hair salon called Hillary's Doos. In Assets: Revenues: December of 2020, she rented a small corner suite in the 101 Cash 402 Salon Revenue local mall and hired a shop gin to help with the customers. 104 Accounts Receivable Her chart of accounts is as pictured on the right 110 Prepaid Rent Expenses: 112 Prepaid Insurance 511 Wages Expense Required #1: Using Quickbooks accounting software, 131 Salon Supplies 514 Advertising Expense RESTORE/OPEN Hillary's Doos. After company is open, 181 Store Equipment 516 Rent Expense To personalize the company name, go to the 190 Accumulated Depreciation 519 Telephone Expense Liabilities: 520 Salon Supplies Expense Company link at the top of your screen and then scroll 202 Accounts Payable 525 Depreciation Expense down to down to My Company. Click on the little 209 Wages Payable 527 Insurance Expense pencil icon in the upper right corner of the Company 530 Utilities Expense Information box to open the edit feature. Place your Owner's Equity: 550 Miscellaneous Expense cursor at the end of the company name and add your 311 H. Clinton, Capital name. Click OK to store the changes. 312 H. Clinton, Drawing Enter the following transactions for the first three months of business for Hillary's Doos: (Click Accountant on the main menu Make General Journal Entries. Remember to change your date for each transaction!) Dec 1 Hillary invested cash in the business, $30,000 2 Purchased Salon Equipment for $6,000. Paid $3,000 immediately but put the rest on account. 5 Purchased salon supplies for cash, $500 7 Purchased a six-month insurance policy for $1,200 Prepaid 3 months rent in advance, $1,500 Paid an additional $550 on the salon equipment purchased earlier. Salon revenue received during the week was, $3,500. 16 Paid the telephone bill, $45 20 Received the other utility bills for water and electric, $420. These are due next month. (hint - Accts Pay) 21 Salon revenue received during the week was, $2,100. 23 Received the advertising bill, $90, it is due in 30 days. 25 Paid the part-time worker, $280 30 Hillary withdrew $80 for a "night out with friends" 11 14 Req.#2 Print the Trial Balance as of 12/31/20 (Click Reports on the main menu Accountant and Taxes Trial Balance to display the report but be sure to change date.) (check figures: Cash= $28,445 Salon Revenue= $5,600 and totals = $38,560) Req. #3: Make the necessary adjusting Journal entries required for the following: "Hint: (enter the adjusting journal entries in the general journal and making sure to make to number your adjustments and check the adjusting entry box (Click Accountant on the main menu Make General Journal Entries Remember to use Dec 31 for all adjustments) Ad 1) Make adjustment for the one month of insurance that has expired Ad 2) Make adjustment for the one month of rent which has expired Ad 3) Supplies on hand at the end of the month equal $75. Adj 4) Depreciation on the Salon equipment equals $100. Adj5) Wages owed to the part-time worker are $75, The Am Cara 12/31/2020