Refer to the Demonstration Problem illustrated in the previous chapter. Prepare a 10-column work- sheet for Internet Consulting Service, Inc., dated December 31, current year. At the bottom of your worksheet, prepare a brief explanation keyed to each adjusting entry

Demonstration Problem Internet Consulting Service, Inc., adjusts its accounts every month. The company's year-end unad justed trial balance dated December 31,2018 follows. (Bear in mind that adjusting entries already have been made for the first 11 months of 2018, but have not been made for December.) Other Data 1. On December 1, the company signed a new rental agreement and paid three months' rent in advance at a rate of $2,100 per month. This advance payment was debited to the Prepaid Office Rent account. 2. Dues and subscriptions expiring during December amounted to $50. 3. An estimate of supplies on hand was made at December 31; the estimated cost of the unused 4. The useful life of the equipment has been estimated at five years (60 months) from date of 5. Accrued interest on notes payable amounted to $100 at year-end. (Set up accounts for Interest 6. Consulting services valued at $2,850 were rendered during December to clients who had 7. It is the custom of the firm to bill clients only when consulting work is completed or, in the supplies was $450. acquisition. Expense and for Interest Payable.) made payment in advance case of prolonged engagements, at monthly intervals. At December 31, consulting services valued at $11,000 had been rendered to clients but not yet billed. No advance payments had been received from these clients. Demonstration Problem Internet Consulting Service, Inc., adjusts its accounts every month. The company's year-end unad justed trial balance dated December 31,2018 follows. (Bear in mind that adjusting entries already have been made for the first 11 months of 2018, but have not been made for December.) Other Data 1. On December 1, the company signed a new rental agreement and paid three months' rent in advance at a rate of $2,100 per month. This advance payment was debited to the Prepaid Office Rent account. 2. Dues and subscriptions expiring during December amounted to $50. 3. An estimate of supplies on hand was made at December 31; the estimated cost of the unused 4. The useful life of the equipment has been estimated at five years (60 months) from date of 5. Accrued interest on notes payable amounted to $100 at year-end. (Set up accounts for Interest 6. Consulting services valued at $2,850 were rendered during December to clients who had 7. It is the custom of the firm to bill clients only when consulting work is completed or, in the supplies was $450. acquisition. Expense and for Interest Payable.) made payment in advance case of prolonged engagements, at monthly intervals. At December 31, consulting services valued at $11,000 had been rendered to clients but not yet billed. No advance payments had been received from these clients