The following general ledger accounts and additional information are taken from the records of Wolfe Corporation at the end of its fiscal year, December 31, 2016. (28 marks, 7 marks each) Additional information: a. The prepaid insurance is for a one-year policy, effective July 1, 2016. b. A physical count indicated that $500 of supplies is still on hand. c. $50 of December rent expense has not been recorded.

Cash 101 Unused Supplies 173 Advertizing Exp. 610

Bal. 2,700 Bal 700 Bal. 200

Accounts Receivable110 Share Capital 320 Salaries Expense 656

Bal. 2,000 Bal 3,800 Bal. 4,500

Prepaid Insurance 161 Repair Revenue 450 Rent Expense 654

Bal. 1,200 Bal 7,750 Bal. 250

Required : 1. Record all necessary adjusting entries in general journal format including general ledger account numbers. Assume the following account numbers: Insurance Expense: 631; Supplies Expense: 668. 2. Post the adjusting entries to T-accounts and calculate balances. 3. Prepare all closing entries in general journal format. Include general ledger account numbers. 4. Post the closing entries to the applicable general ledger accounts.