Question 3 The following trial balance was extracted from the books of J Morris at the close of business on 28 February 2017 Dr Cr $ Purchases and sales 92,800 157,165 Cash at bank 4,100 Cash in hand 1,054 Capital account 1 March 2016 11,400 Drawings 17.100 Office furniture 2,900 Rent 3,400 Wages and salaries 31,400 Discounts 820 160 Debtors and creditors 12,316 5,650 Stock 1 March 2016 4,120 Delivery van 3,750 Van expenses 615 Total 174,375 174,375 Notes: (a) Stock on 28 February 2017 $2,400. (b) Wages and salaries accrued at 28 February 2017 $340. (c) Rent prepaid at 28 February 2017 $230. (d) Van expenses owing at 28 February 2017 $72. (e) Provide for depreciation as follows: Office furniture $380; Delivery van $1,250. Required: 1. Prepare a worksheet for the year ending on 28 February 2017 2. Record the adjusting entries on 28 February 2017. Question 2 The accounting firm Bravo Inc. prepares its own financial statements at the end of each year, Based on the following information, prepare any adjusting entries that are needed for the accounting records as of December 31, 2020 1. As of December 31, Bravo Inc. has rendered S20.500 worth of services to clients for which they have not yet billed the client and for which they have not made any accounting entry. 2. Bravo Inc, owns equipment (computers and so on) having an original cost of $12,000. The equipment has an expected life of six years, Record depreciation for the current year. 3. On January 1, 2020, Bravo Inc. borrowed $15,000. Both principal and interest are due on December 31, 2021. The interest rate is 11% 4. On January 1, 2020, Bravo Inc. rented storage space for three years. The entire three-year charge of $15,000 was paid at this time. Bravo Inc. (correctly) created a prepaid rent account in the amount of $15,000 5. As of December 31, workers have camed $10,200 in wages that are unpaid and unrecorded