The Landscape Dreams Company began operations on December 1, 2019. The unadjusted trial balance of the Landscape Dreams Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Landscape Dreams Company found in chapter 3. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any, 2) Based on a physical count, supplies orthand total $3,600. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) 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 4) On December 26, the client paid a $12,000 60-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. 5) Landscape Dreams's sole employee earns $170 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 Salores payable, and prepare the necessary adjusting entry, if any. 6) in the second week of December, Landscape Dreams agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $5,100. The terms of the initial agreement call for Landscape Dreams to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Landscape Dreams $5,100 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue and prepare the necessary adjusting entry. If any closing entries for the Landscape Dreams Company Requirement General General Income Trial Balance Journal St Owner Ledger Statement Balance Sheet Work Sheet Equity General Journal tab -For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Then prepare the required closing entries. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement, Statement of Owner's Equity, Balance Sheet tabs - The financial statements will display the unadjusted, adjusted, or post-closing balances, based on your selection. Worksheet tab. Prepare the worksheet, and compare the amounts reported on the worksheet with the amounts reported on the financial statements. Journal entry worksheet 1 2 3 45 6 7 CO 9 10 > The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Cash No. Supplies Date Debit Credit Balance No. Dec 31 Debit Date Dec 31 Credit 14,855 Balance 4,800 No. Prepaid insrance Debit Credit Equipment Date Dec 31 No. Balance 4.800 Debit Date Dec 31 Credit Balance 35,000 Accounts payable Debit Credit No. Date Dec 31 No. Balance 14,200 Unearned consulting revenue Date Debit Credit Dec 31 Balance 12,000 S. Strods, Capital Debit Credit S. Strods, Withdrawals No. Date Dec 31 No. Date Balance 32,000 Debit Credit Balance 800 Rental revenue Consulting revenue Debit Credit No. Date Dec 31 No. Debit Balance 6,400 Date Dec 31 Credit Balance 650 Rent expense Salaries expense Debit Credit No. No. Dato Dec 31 Debit Credit Balance 2,890 Date Dec 31 Balance 1,750 Men Landscape Dreams Trial Balance December 31, 2017 Account Title Debit Credit $ 14,855 4.800 4,800 35,000 14,200 12,000 Cash Supplies Prepaid insurance Equipment Accounts payable Uneamed consulting revenue S. Strods, Capital s. Strods, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Utilities expense Total 32,000 800 6,400 650 . 2.890 1,750 355 $ 65,250 $ 65,250 Unadjusted Landscape Dreams Income Statement For Month Ended December 31, 2019 Revenues: $ 0 0 + Expenses: O 0 0 0 0 0 Net income $ Landscape Dreams Statement of Owner's Equity For Month Ended December 31, 2019 0 $ $ 32,000 S. Strods, Capital, December 31, 2019 Balance Sheet December 31, 2019 Assets Current assets: $ 0 0 0 0 Total current assets: $ 0 Plant assets: 0 0 Equipment, net 0 0 $ Liabilities $ 0 0 0 Equity Landscape Dreams Company Work Sheet Income Statement Unadjusted Trial Balance Dr. Cr. 14,855 St. of Owner's Equity & Balance Sheet Dr. Cr Dr. Cr. For the Year Ended December 31, 2019 Adjustments Adjusted Trial Balance Dr. Cr Dr. Cr. 14,855 0 4,800 4,800 35,000 0 4,800 4,800 35,000 Account Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salaries payable Uneamed consulting revenue S. Strods, Capital S. Strods, Withdrawals Consulting revenue 14,200 0 14.200 0 12,000 32,000 12,000 32,000 800 800 6,400 6,400 Rental revenue 650 650 U 0 Salaries payable Uneamed consulting revenue S. Strods, Capital S. Strods, Withdrawals Consulting revenue 12,000 32,000 12.000 32.000 800 800 6,400 6,400 650 650 0 2,890 2,890 0 1.750 1,750 Rental revenue Depreciation expense Salaries expense Insurance expenso Rent expense Supplies expense Utilities expense Totals Net Income Totals 0 355 65,250 355 65.250 65,250 0 0 65.250 0 0 0 0 0 0