Q5:Herzog Internet service incorporation adjusts its accounts every month. Following are the important adjustments along with unadjusted trial balance on December 31, 2019.

1. On December 1, the company signed a new rental agreement and paid three month's rent in advance at a rate of $2100 per month.

2. Dues and subscription expiring during December amounted to $50.

3. An estimate of supplies on hand was made at December 31; the estimated cost of unused supplies was $450.

4. The useful life of the equipment has been estimated at five years from date of acquisition.

5. Accrued interest on notes payable amounted to $ 100 at year end.

6. Consulting service valued at $2850 was rendered during December to clients who had made payments in advance.

7. At December 31, consulting services valued $11,000 had been rendered to clients but not yet billed. No advance payment had been received from these clients.

8. Salaries earned by employees but not paid as of December 31 amounts to 1700.

9. Income tax expense for the year is estimated at $56000. Of this amount $51000 has been recognized as expense in prior months.

Herzog Internet service Inc.

Unadjusted Trial balance

December 31, 2019

Cash $49100

Consulting fee receivable23400

Prepaid office rent 6300

Prepaid dues and subscription 300

Supplies600

Equipment 36000

Acc.depreciation: equipment$10200

Notes payable 5000

Income tax payable 12000

Unearned consulting fee5950

Capital stock 30000

Retained earnings32700

Dividends 60,000

Consulting fee earned 257,180

Salaries expense 88820

Telephone expense2550

Rent expense 22000

Income tax expense 51000

Dues and subscription expense560

Supplies expense 1600

Depreciation expense: equipment 6600

Other expenses4200

Total$353,030$353,030

REQUIRED: Pass necessary adjusting journal entries on December 31 and also prepare Adjusted Trial Balance at December 31, 2019.