Sutton Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as at the end of the company's fiscal year, December 31, 2017: Account Titles Debit Credit Cash $ 24,100 Accounts receivable 9.575 Service supplies inventory 1,900 Prepaid insurance 1.425 Service trucks 37,800 Accumulated depreciation, service trucks $ 16,800 Other assets 6,300 Accounts payable 4,300 Note payable (three years: 10% each 9,800 December 31) Contributed capital (5,200 shares 17.000 outstanding) Retained earnings 10.900 Service revenue 54,000 Other expenses, excluding income tax 31,700 Totals $112.800 $112,800 Data not yet recorded at December 31, 2017, were as follows: a. Supplies inventory on December 31, 2017. reflecting $720 remaining on hand. b. Insurance expired during 2017 $570. c. Depreciation expense for 2017. $4,200. d. Wages earned by employees not yet paid on December 31, 2017. $1,700. e. Income tax expense, $3,550. Required: 1. Prepare the adjusting entries at December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 2. Record insurance expired. 3 Record depreciation expense. 4 Record wages incurred but not paid. 5 income tax expense. Credit Note : journal entry has been entered Record entry Clear entry View general journal 2. Show the effects of the adjusting entries on net earnings and cash. (If there is no cash flow effect, select "None". Enter any decreases to account balances with a minus sign.) Transaction Effect on Net Effect on Earnings Cash b. C. d. e 3-a. Prepare a statement of earnings for 2017. (Round "Earnings per share" to 2 decimal places.) SUTTON, INC. Statement of Earnings For the Year Ended December 31, 2017 Operating expenses 0 Total operating expenses Earnings before income tax 0 Earnings per share 3-b. Prepare a statement of financial position at December 31, 2017 SUTTON, INC. Statement of Financial Position As at December 31, 2017 Assets 0 Total assets S 0 Liabilities Total liabilities Shareholders' Equity 0 Total shareholders' equity Total liabilities and shareholders' equity 0 4. Compute the net earnings for the year, assuming that you did not make an adjustment to the balance of the supplies inventory account. (Do not round Intermediate calculations. Round the final answer to the nearest whole dollar.) Net earnings 5. Prepare the closing entries at December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet Record entry to transfer revenues to income summary. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal