PROBLEM I

The trial balance of Williams Company shown below pertains to December $31,2023,$ which is the end of its yearlong accounting period. Data needed for the adjusting entries include the following:

a$.$ Supplies on hand at year end $$2,000$

b$.$ Depreciation on furniture and fixtures $$20,000$

c$.$ Depreciation on building $$10,000$

d$.$ Salaries owed but not yet paid $5,000$

e$.$ Accrued services revenue $$12,000$

f$.$ Of the $$45,000$ balance of unearned service revenues $$32,000$ was earned during the year.

g$.$ Insurance expired was $$5,000$

Required

$1.$ Journalize the Williams Company adjusting entries at December $31,2023,$ key entries by letter

$2.$ Post adjusting entries to the worksheet

$3.$ Complete the worksheet.

$4.$ Prepare closing entries