Requirement #$4$: Prepare adjusting entries using the tollowing intormation in the

General Journal below. Show your calculations!

a$)$ Depreciation of the house

b$)$ Depreciation of the furniture

c$)$ Interest on the promissory note

d$)$ Recognition of the expired portion of the insurance

e$)$ Recognition of a portion of the guest's deposit

f$)$ Wages earned during the second half of January amount to $$5,120$ and will be paid

on February $3.$

g$)$ Cleaning supplies on hand on January $31$ amount to $$230.$

h$)$ A gas and electric bill that is received from the city amounts to $$740$ and is payable

by February $5.$

i$)$ Income taxes are to be accrued at a rate of $30\%$ of income before taxes.

Requirement #$5$: Post the adjusting entries on Janurary $31$ below to the General

Ledger T$-$accounts and compute adjusted balances. Just add to the balances that

are already listed. $($Omit explanations$)$

General Journal REQUIREMENT #$6$: Prepare an Adjusted Trial Balance in the space below. Requirement #$7$: Prepare the financial statements for Moonlight Bay Inn as of January $31$ in the space below.

You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet.

The Statement of Cash Flows is a required Financial Statement, but is not required for this project.Requirement #$8$: Prepare the closing entries at January $31$ in the General Journal

below. Hint:Use the balances for each account which appear on the Adjusted

Trial Balance for your closing entries. $($Omit explanations$)$

Requirement #$9$: Post the closing entries to the T$-$Accounts on the General Ledger

worksheet and compute ending balances. Just add to the adjusted balances

already listed.

General Journal

Click here to go to the

General Ledger worksheet to

complete Requirement # $?$

Review the topic of

closing entries in

Chapter $4$During its first month of operation, Moonlight Bay Inn completed the following

transactions.

January Transactions