Richard and Sons' Law Offices opened on January 1, 2022. During the first year of business, the company had the following transactions: (Click the icon to view the transactions.) Richard's unadjusted trial balance at December 31, 2022 is as follows: (Click the icon to view the unadjusted trial balance) Read the requirements CO Requirement a. Journalize and post adjusting journal entries for Richard. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the adjusting journal entries.. Of the cash payments received from customers on December 1, half of these services were performed in December and half relates to future services to be rendered in the following year. Account Deferred Service Revenue Service Revenue December 31 180,000 180,000 Ten months of the insurance policy expired by the end of the year. (Do not round intermediary calculations. Only round the adjustment amount to the nearest dollar.) Account December 31 Question Viewer R Accounts Payable Accounts Receivable fc Accumulated Depreciation-Building Administrative Expense Building Cash R he first year of business, the hard. (Record debits first, ther B Common Stock C Deferred Service Revenue Depreciation Expense-Building Dividends Income Summary of these services were perform December 31 180,000 180,000 T Insurance Expense Interest Expense Do not round intermediary calcula December 31 Insurance Expense Interest Expense F Interest Payable R B Notes Payable Office Supplies Prepaid Insurance Retained Earnings C Selling Expense Service Revenue Supplies Expense Utilities Expense Wage Expense Wages Payable he first year of busin hard. (Record debits F f of these services were December 31 180,000 Do not round intermediar December 31 Transactions help . . January 2: The owners invested $400,000 (the par value of the stock) into the business and acquired 40,000 shares of common stock in return. . January 15: Richard bought an office building in the amount of $65,000. The company took out a long-term note from the bank to finance the purchase. February 12: Richard billed clients for $55,000 of services performed. . . March 1: Richard took out a two-year insurance policy, which it paid cash for in the amount of $19,800. March 10: Richard collected $18,000 from clients toward the outstanding accounts receivable balance. . May 13: Richard received cash payments totaling $280,000 for legal . services-$37,000 was for services previously billed to customers on February 12 and the remainder was for services provided in May not yet recorded. June 10: Richard purchased office supplies in the amount of $40,000, all on credit. July 15: Richard paid wages of $12,000 in cash to office staff workers. August 8: Richard paid off the $40,000 balance owed to a supplier for the purchase made on June 10. September 3: Richard purchased $10,000 of office supplies in cash. September 20: The company paid $6,000 cash for utilities. October 1: Richard paid wages in the amount of $38,000 to office workers. . December 1: Richard received cash payments from clients in the amount of $360,000 for services to be performed in the upcoming months. December 31: Richard declared and paid a $13,000 dividend. Print Done - December 31, 2022 unadjusted trial balance Account Richard and Sons' Law Offices Unadjusted Trial Balance At December 31, 2022 Debit Credit Cash $ 919,200 es Office Supplies 50,000 Prepaid Insurance 19,800 Building 65,000 Deferred Service Revenue $ 360,000 Notes Payable 65,000 Common Stock 400,000 Dividends 13,000 ot r Service Revenue 298,000 Wage Expense 50,000 6,000 Utilities Expense $ 1,123,000 $ 1,123,000 Total - he