Required:Prepare the proper ADJUSTING journal entries for the following events.Also, a balance sheet after adjusting entries have been made.

The unadjusted trial balance for Tahini & Jam Inc. appears below:

Tahini & Jam Inc.

Unadjusted Trial Balance

December 31, 2020

DebitCredit

Cash$75,500

Accounts receivable5,000

Prepaid rent1,000

Prepaid insurance15,000

Supplies3,000

Equipment40,000

Accumulated depreciation-equipment$4,000

Accounts payable11,000

Bank loan payable10,000

Unearned service revenue10,500

Common shares48,250

Retained earnings32,000

Dividends5,000

Service revenue44,600

Salary expense 7,200

Utilities expense1,200

Rent expense5,250

Advertising expense2,200________

$160,350$160,350

Additional data is as follows.Record the adjusting entry below the information.

a.Unearned service revenue NOT YET earned at year end, $2,000.

Dr.

Cr.

b.Depreciation for the current year amounts to $4,500.

Dr

Cr.

c.Prepaid insurance consists of a policy purchased on January 1, 2020 for a 15 months coverage.

Dr.

Cr.

d.Supplies on hand/counted at year end amount to $1,200.

Dr.

Cr.

e.Accrued salaries on December 31, 2020, amount to $2,500.

Dr.

Cr.

f.The bank loan was received on March 1, 2020, and the annual interest rate was 12%.

Dr.

Cr.

g.Rent is $500/month, and January, 2021 rent is included in the trial balance amount.

Dr.

Cr.

h.Corporate income tax is 20% of net income before tax.

Dr.

Cr.

a balance sheet based on the unadjusted trial balance and the adjusting entries.

Record your answers below (in white).