yiel Attempt 1 2.500 The accountant for Lily's Emporium, Inc. prepared the following trial balance at December 31, 2021: Debit Credit Cash 5.700 Accounts Receivable Notes Receivable 2,000 Supplies 600 Equipment 18,000 Unearned Consulting Fees 3,300 Capital Stock 15,600 Retained Earnings, January 1, 2021 0 Dividends 3,300 Consulting Fees Earned 26,800 Insurance Expense 2,100 Salaries Expense 7,700 Utilities Expense 1,700 Rent Expense 2.100 $45.700 $45,700 Additional information items a The Note Receivable is a 8%, 5-month note dated November 1, 2021 b A count of the Supplies on December 31, 2021, shows $150 in Supplies on hand. C The Insurance Expense is for a 12-month policy, paid on October 1, 2021 d The equipment has a life of 7 years, was purchased on May 1, 2021, and Lily will use the straight-line method of recording depreciation, Lily expects that the equipment will have a $500 salvage value Consulting Fees Eamed includes a $1.200 prepayment by a client on June 30, 2021 for consulting services to be rendered for twelve months. e Question 1 (3 points) Saved The adjusting entry required with respect to Consulting Fees would be 80 ga E4 DD 19 FB $ 4 - 3 5 6 & 7 ( 9 8 E R T Y U 0 D F G H J K L 'payinya 101 CM services to be rendered for twelve months. Question 1 (3 points) Saved The adjusting entry required with respect to Consulting Fees would be (from (e) above): A deferral with a credit to Consulting Fees Earned of $600. A deferral with a debit to Consulting Fees Earned of $600. A deferral with a debit to Unearned Consulting Fees of $600. A deferral with a debit to Consulting Fees Earned of $1,200. Question 2 (3 points) Saved The adjusting entry required with respect to the Insurance would be (from (c) above): 80 SS Fa | FS 3 4 5