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THIS IS A SINGLE QUESTION, PLEASE DO ALL JOURNAL ENTRIES. AP 3. Service Firm, Serena Jackson, Attorney - Adjusting Entries (O2) (Enter adjusting entries by

THIS IS A SINGLE QUESTION, PLEASE DO ALL JOURNAL ENTRIES.

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AP 3. Service Firm, Serena Jackson, Attorney - Adjusting Entries (O2) (Enter adjusting entries by selecting "ADJ 12/31" in the date column for each entry. To begin, review Chart of Accounts - click on tab below. Scroll down this sheet to review changes to Ledger as journal entries are made.) 12/31 adjusting entries required: 1. Clients prepay the firm to retain legal services. These prepays are recorded as Unearned Revenue. At year end, $24,000 in this account remained unearned. Hint: Go to "Calculate" tab 2. Unexpired insurance remaining is $12,100. 3. The physical count of supplies remaining at year end is $1,450. 4. Accrued but unpaid quarterly interest on savings deposits is $1,850. 5. Interest on Loan Payable is 10\% per annum and is paid quarterly on the 1oth of the month following the end of the quarter. Interest was last paid through 9/30. Principal reductions are made annually on January 10 . Hint: Go to "Calculate" tab 6. Employees are salaried and paid two times per month on the 2oth and the 5th of each month following the earnings periods 1 st - 15 th and 16 th through month end respectively. December salaries total $17,500. 7. Record $12,500 additional depreciation expense for leasehold improvements for the year. 8. Interest on Note Receivable accrues at 14% per annum. This is the only note receivable held by the firm and it was outstanding for the entire year. Interest revenue through 6/3 o has been previously recorded. (Check Interest Revenue ledger for amount previously recorded) AP 3. Service Firm, Serena Jackson, Attorney - Adjusting Entries (O2) (Enter adjusting entries by selecting "ADJ 12/31" in the date column for each entry. To begin, review Chart of Accounts - click on tab below. Scroll down this sheet to review changes to Ledger as journal entries are made.) 12/31 adjusting entries required: 1. Clients prepay the firm to retain legal services. These prepays are recorded as Unearned Revenue. At year end, $24,000 in this account remained unearned. Hint: Go to "Calculate" tab 2. Unexpired insurance remaining is $12,100. 3. The physical count of supplies remaining at year end is $1,450. 4. Accrued but unpaid quarterly interest on savings deposits is $1,850. 5. Interest on Loan Payable is 10\% per annum and is paid quarterly on the 1oth of the month following the end of the quarter. Interest was last paid through 9/30. Principal reductions are made annually on January 10 . Hint: Go to "Calculate" tab 6. Employees are salaried and paid two times per month on the 2oth and the 5th of each month following the earnings periods 1 st - 15 th and 16 th through month end respectively. December salaries total $17,500. 7. Record $12,500 additional depreciation expense for leasehold improvements for the year. 8. Interest on Note Receivable accrues at 14% per annum. This is the only note receivable held by the firm and it was outstanding for the entire year. Interest revenue through 6/3 o has been previously recorded. (Check Interest Revenue ledger for amount previously recorded)

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