The Gourmet Menus Company began operations on December $1,2021.$ The unadjusted trial balance of the Gourmet Menus Company

as of December $31,2021$ is found on the trial balance tab. The following information is required to prepare the necessary adjusting

entries for the Gourmet Menus Company found in chapter $3.$

The balance in Prepaid insurance represents a $24-$month policy that went into effect on December $1,2021.$ Review the unadjusted

balance in Prepaid insurance, and prepare the necessary adjusting entry, if any.

Based on a physical count, supplies on hand total $$3,600.$ Review the unadjusted balance in Supplies, and prepare the necessary

adjusting entry, if any.

The equipment is expected to have a $4-$year useful life, and be worth about $$11,000$ at the end of four years. Review the unadjusted

balance in Accumulated depreciation, and prepare the necessary adjusting entry, if any.

On December $26,$ the client paid a $$4,80060-$day fee in advance, covering December $27$ to February $24.$ Review the unadjusted

balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any.

Gourmet Menus's sole employee earns $$100$ per day for a five$-$day workweek beginning on Monday and ending on Friday. The

employee was last paid on Friday, December $26.$ Review the unadjusted balance in Salaries payable, and prepare the necessary

adjusting entry, if any.

In the second week of December, Gourmet Menus agreed to provide $30$ days of consulting services to a local fitness club for a fixed

fee of $$3,420.$ The terms of the initial agreement call for Gourmet Menus to provide services from December $12,2021,$ through January

$10,2022,$ or $30$ days of service. The club agrees to pay Gourmet Menus $$3,420$ on January $10,2022,$ when the service period is

complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any.

Prepare the required adjusting and closing entries for the Gourmet Menus Company.

For transactions $1-6,$ review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue

earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Then, prepare the

required closing entries.

Journal entry worksheet

The balance in Prepaid insurance represents a $24-$month policy that went into

effect on December $1,2021.$ Review the unadjusted balance in Prepaid

insurance, and prepare the necessary adjusting entry, if any.

Note: Enter debits before credits.