Sedion 2 Accounting Applications How does this empty Helgi De 2100 10 140 Rams OD ) 26 22 FC 0322 (700 400 40 The following information is also available for the company on December 31, 2014: 1. Insurance that expired during December amounted to 540 2. Office supplies on hand on December 31 totaled 575, 3. Depreciation for December totaled 5100, 4 Accrued wages on December 31 totaled $120. S. Revenues earned for services performed in December but not billed by the end of the month totaled 5300 6. Revenant received in advance of services still to be performed totaled $100 at the end of the year REQUIRED In order to understand how Reliable adjusts its revenues and expenses so that its met income is properly measured complete the following 1. Open ledger accounts for the accounts in the trial balance PLUS the following Wapea Payable (210), Office supplies Expense (510). Depreciation Expense-Office Equipment (515) and Insurance Expense (520) Z. Determine the required adjusting entries and record them in the general journal 2. Pout the entries to the general ledger Open new general ledger accounts: Deeded Prepare an adjusted trial balance 5. Prepare an income statement, a statement of owner'equity, and a balance sheet for the month ended December 31, 2014 Section 2 Accounting Applications How does Reliable adjust its revenues and expenses so that its net income is properly measured? Reliable's trial balance follows. D E AB 1 2 3 4 5 Cash Reliable Answering Service Trial Balance December 31, 2018 Tool 2.180 1.250 180 240 3.400 Account Rechivable (05) Zolice Supplies CMD Prepaid Insurance 115 Office Equipment (UD) 30 Accumulated Depreciation Office Equipmers(125) 13 Acoounts Payable 2.00 12 Unearned Revenue 205 13. Ramon, Capital 200 34 T. Ramon, Wiendrawals (305) 1. Answering Service Revenue LOD To Wages Experie 500 17 Rent Expanse (505) TE 600 700 480 4,870 400 2.000 1.600 400 0,530 9.530 10 The following information is also available for the company on December 31, 2014: 1. Insurance that expired during December amounted to $40. 2. Office supplies on hand on December 31 totaled $75. 3. Depreciation for December totaled $100. 4. Accrued wages on December 31 totaled $120. 5. Revenues earned for services performed in December but not billed by the end of the month totaled $300. 6. Revenues received in advance of services still to be performed totaled $300 at the end of the year. REQUIRED In order to understand how Reliable adjusts its revenues and expenses so that its net income is properly measured, complete the following: 1. Open ledger accounts for the accounts in the trial balance PLUS the following: Wages Payable (210), Office supplies Expense (510), Depreciation Expense - Office Equipment (515) and Insurance Expense (520) 2. Determine the required adjusting entries and record them in the general journal. 3. Post the entries to the general ledger. Open new general ledger accounts as needed 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended December 31, 2014