Question 21 The trial balance and information for year-end adjustments for J. Olsen Company are as follows: Credit J.Olsen Company Trial Balance December 31, 2017 Account Title Debit Cash 15,700 Accounts Receivable 9,400 Office Supplies 6,000 Prepaid Insurance 1,500 Equipment 50,000 Accumulated Depreciation Equipment Accounts Payable Wages Payable J. Olsen, Capital Vilardi, Drawing 1,500 Service Fees Wages Expense 15,100 Rent Expense 7,800 Supplies Expense Utilities Expense 860 Insurance Expense Depreciation Expense-Equipment 107,860 10,000 5,400 29,460 63,000 107,860 Supplies on hand at year-end amounted to $420. b. The depreciation on equipment is $10,000 The Insurance expired on December 31,2017 $500 Wages earned by employees but not paid by year-end amounted to $900. 1. Prepare the necessary year-end adjustments on a 10-column work sheet (identify each adjustment by letter), and complete the adjusted trial balance column on the work sheet. 2. Prepare journal entries from the worksheet Jan Olsen, Attorney Work Sheet (partial) For Year Ended December 31, 2017 Adjustments Debit Credit Adjusted Trial Balance Debit Credit Trial Balance Debit Credit 15,700 9,400 6,000 1,500 50,000 10,000 5,400 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accum. Depr.--Equip. Accounts Payable Wages Payable J. Olsen, Capital J. Olsen, Drawing Service Fees Wages Expense Rent Expense Supplies Expense Utilities Expense Insurance Expense Depr. Exp.- Equip. 29,460 1,500 63.000 15,100 7,800 - 860 - 107.860 107.860 GENERAL JOURNAL Page 1 Post Ref. Debit Credit Description Adjusting entries