work Sod Help 5a GL0401 - Based on... LO C3, P2, P3 The Mobility Solutions Company began operations on December 1, 2019. The unadjusted trial balance of the Mobility Solutions 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 Mobility Solutions 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 unadjuste 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) Mobility Solutions's sole employee earns $160 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, Mobility Solutions 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 Mobility Solutions to provide services from December 12, 2019. through January 10, 2020, or 30 days of service. The club agrees to pay Mobility Solutions $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 Mobility Solutions Company DAR General General Journai Ledger Statement Equity For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revent earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Then, prepare the required closing entries. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > 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, Note: Enter debits before credits. Date Credit Debit Dec 31 Account Title Insurance expense Prepaid insurance For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Then, pre required closing entries. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 10 > 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. Note: Enter debits before credits Date Account Title Debit Credit Dec 31 Supplies expense Supplies its View transaction list Book Journal entry worksheet Print erences to search o i L3 Datu e ajusung the accounts, review the finandal statements for accuracy. Then, pr required closing entries. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > 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. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Homework Sved Journal entry worksheet In the second week of December, Mobility Solutions 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 Mobility Solutions to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club.agrees.to.Rax. Mobility Solutions.$3.990.00. January. 1..2929.wben. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 5 8 9 10 Prepare the journal entry necessary to close the revenue account(s). Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Prepare the journal entry necessary to close the expense account(s). Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Prepare the journal entry to close R. Walsh, Withdrawals. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal ment Idade REVER expresar turporary equity RSS Reap mange nye operation of the business during the current period. These temporary equity amounts are closed at the end of each account period. Adjusted Mobility Solutions Income Statement For Month Ended December 31, 2019 Revenues: $ 0 0 Expenses: 0 0 0 0 0 0 $ 0 INet income General Journal General Ledger Requirement Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet The balance sheet is the accounting equation: Assets - Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The detail of equity is not found on the balance sheet; only the ending capital balance appears on the balance sheet. The detail of equity is reported on the income statement and statement of owner's equity. Adjusted Mobility Solutions Balance Sheet December 31, 2019 Assets Current assets 0 0 0 0 $ Total current assets: Plant assets: 0 0 Equipment net Liabilities 0 0 Equity End Dec 2010 AL or 23,505 23.505 0 0 6.200 6.200 2.400 34,000 2.400 34.000 Ke Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salaries payable Unearned consulting revenue R. Walsh, Capital R. Walsh. Withdrawals Consulting revenue 8,200 0 8.200 0 0.000 0,000 46,000 40.000 000 900 8,500 8.500 450 450 Rental revenue Deprecation expense Salanes expense 2,720 0 2,720 0 Insurance expense 2,100 2.100 0 325 205 Rente pense Supplies expense Udlesex Totals Net income Totals 72.150 72.150 ol 0 72.150 12.150 0 0 0 0