Richard and Sons Law Offices opened on January 1, 2022. During the first year of business, the company had the following transaction (Click the icon to view the transactions) Richard's unadjusted trial balance at December 31, 2022 is as follows: mm Click the icon to view the adjusted trial balance) Read the requirement CD Requirement a, Journalize and post adjusting Journal entries for Richard. (Record debits first, then credits. Exclude coplanations from any journal entries.) Begin by preparing the adjusting journal entries of the cash payments received from customers on December 1. half of these services were performed in December and half relates to futuro services to be rendered in the following year. Account December 31 Deferred Service Revenue 180,000 Service Revenue 180.000 Ten months of the insurance policy expired by the end of the year. (Do not round intermediary caoutations. Only round the adjustment amount to the nearest dollar) December 31 Account Question Viewer Accounts Payable Accounts Receivable F fc Accumulated DepreciationBuilding he first year of business, the Administrative Expense Building R Cash hard. (Record debits first, the B Common Stock ? Fof these services were perform Deferred Service Revenue Depreciation Expense-Building December 31 180,000 Dividends 180,000 Income Summary Insurance Expense do not round intermediary calcula Interest Expense December 31 Insurance Expense TI Interest Expense F Interest Payable he first year of busin Notes Payable Office Supplies Prepaid Insurance R hard. (Record debits f B Retained Earnings Selling Expense of these services were Service Revenue December 31 180,000 Supplies Expense 1 Utilities Expense Wage Expense T Do not round intermediar Wages Payable December 31 - ? Transactions . . January 2: The owners invested $400,000 (the par value of the stock) into the business and acquired 40,000 shares of common stock in return. January 15: Richard bought an office building in the amount of $65,000. The company took out a long-term note from the bank to finance the purchase. February 12: Richard billed clients for $55,000 of services performed. March 1: Richard took out a two-year insurance policy, which it paid cash for in the amount of $19,800. March 10: Richard collected $18,000 from clients toward the outstanding accounts receivable balance. May 13: Richard received cash payments totaling $280,000 for legal services$37,000 was for services previously billed to customers on February 12 and the remainder was for services provided in May not yet recorded. June 10: Richard purchased office supplies in the amount of $40,000, all on credit July 15: Richard paid wages of $12,000 in cash to office staff workers. August 8: Richard paid off the $40,000 balance owed to a supplier for the purchase made on June 10. September 3: Richard purchased $10,000 of office supplies in cash. September 20: The company paid $6,000 cash for utilities. October 1: Richard paid wages in the amount of $38,000 to office workers. December 1: Richard received cash payments from clients in the amount of $360,000 for services to be performed in the upcoming months. December 31: Richard declared and paid a $13,000 dividend. . . . . . Print Done help ? December 31, 2022 unadjusted trial balance Richard and Sons' Law Offices Unadjusted Trial Balance At December 31, 2022 Account Debit Credit Cash $ 919,200 es he 50,000 19,800 65,000 Office Supplies Prepaid Insurance Building Deferred Service Revenue Notes Payable Common Stock $ 360,000 65,000 400,000 Dividends 13,000 otrd Service Revenue 298,000 Wage Expense 50,000 6,000 Utilities Expense Total $ 1,123,000 $ 1,123,000
