ts eBook The unadjusted trial balance of the Sweet Homes 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 Sweet Homes Company. 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 $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have a 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a $7,200 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) Sweet Homes's employee earns $130 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 expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Sweet Homes agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $6,060. The terms of the initial agreement call for Sweet Homes to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Sweet Homes $6,060 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. Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on Income For each adjustment, Indicate the income statement and balance sheet account affected, and the impact on net Income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Adjusted Account affecting the: Impact on net Adjusting entry related to: Income statement Insurance Supplies Ansurance expense Balance Sheet Prepaid insurance Income Supplies expense Depreciation expense- Depreciation Accumulated depreciation-Equipment Equipment Fees collected in advance Salaries Work performed in advance Salaries expense Total impact on income due to adjustments Accounts receivable Salaries payable