The Smart Deals Company began operations on December 1, 2019 The unadjusted trial balance of the Smart Deals 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 Smart Deals 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 on hand total $4,650 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 $10,000 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 $9,000 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) Smart Deals's sole employee earns $120 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 6) In the second week of December, Smart Deals agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $3,900 The terms of the initial agreement call for Smart Deals to provide services from December 12, 2019, through January 10, 2020, or 30 days of service The club agrees to pay Smart Deals $3,900 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 Prepare the required adjusting and closing entries for the Smart Deals Company Smart Deals Trial Balance December 31, 2017 Account Title Debit Credit Cash $ 14,255 Supplies 6 200 Prepaid insurance 8,400 Equipment 36,400 Accounts payable 14,200 Unearned consulting revenue 9 000 D Kelley, Capital 38,000 D Kelley, Withdrawals 1 200 Consulting revenue 8 800 Rental revenue 400 Salaries expense 2,040 Rent expense 1,500 Utilities expense 405 Total 70,400 $ 70,400

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The Smart Deals Company began operations on December 1, 2019. The unadjusted trial balance of the Smart Deals Company as of December 31, 2019 is

The Smart Deals Company began operations on December 1, 2019. The unadjusted trial balance of the Smart Deals 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 Smart Deals 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 on hand total $4,650.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 $10,000 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 $9,000 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) Smart Deals's sole employee earns $120 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.
6) In the second week of December, Smart Deals agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $3,900. The terms of the initial agreement call for Smart Deals to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Smart Deals $3,900 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.

Prepare the required adjusting and closing entries for the Smart Deals Company.

Smart Deals Trial Balance December 31, 2017 Account Title Debit Credit Cash $ 14,255 Supplies 6.200 Prepaid insurance 8,400 Equipment 36,400 Accounts payable 14,200 Unearned consulting revenue 9.000 D. Kelley, Capital 38,000 D. Kelley, Withdrawals 1.200 Consulting revenue 8.800 Rental revenue 400 Salaries expense 2,040 Rent expense 1,500 Utilities expense 405 Total 70,400 $ 70,400