pupus unu u suspension of or academie semesters of the students. QUESTIONS 1. Allen Business Consulting (Company) provides advisory services related to advertising to Royal Caribbean Company prepares adjusting entries every month but closes its accounts only at year-end. Below is the unadjusted trial balance for Allen Business Consulting dated December 31. 2020. According to the balances given in this trial balance and transactions below. please fulfill the following instructions: 2- (35 points) Prepare adjusting entries in journal and post to ledger (T accounts), Describe the type of adjusting entries in transactions 4 and 7 State the effect on the Financial Statements if adjusting entries (4&7) were not performed b- Prepare the adjusted trial balance of Allen Business Consulting ended December 31, 2020 (15 points) C- Prepare the financial statements of 2020 (Income statement, statement of retained earnings and balance sheet). (30 points) d- Prepare the closing entries (20 points) Styles 5 7 9 10 11 12 13 15 116 Credit Balance 31-Dec-2020 Debit Balance 11.030 5.000 720 960 13,600 Unadjusted Trial Balance of Allen Business Consulting Accounts Cash Accounts Receivable Office Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Capital Stock Retained Earnings Dividends Service Revenue Rent Expense Salaries Expense Total 2.400 2.800 920 8.950 13,740 1.600 11.700 I 1.600 6.000 40,510 10,510 search O RE Styles 12 5 7 10 13 15 LO 1 Total 40,510 40,510 Transactions occurred in December 2020; 1 Company provided advisory services to Royal Caribbean in December totalled $740. This amount has been paid before by Royal Caribbean 2. Accrued income taxes but not recorded for December are $1.000. This amount will be paid in March 2021 3. Revenues earned but not billed and recorded in December totalled $1,400. This amount will be collected later 4. Accrued salaries but not recorded for December are $500. This amount will be paid in January 2021 5. Office supplies on hand at the end of December are found $260. 6. Depreciation for December is $600. 7. The company prepaid its seven-month rent agreement on July 1.2020