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1. "C" Level Problem 1 The general ledger for Masters Consulting Service as of March 31, 2021, follows this page. You are to complete the following: Complete the ten-column worksheet. Data needed to determine the necessary adjusting entries for the month are as follows: a) Fees earned but not recorded at March 31 is $2,548. Supplies on hand at March 31 are $3,176. Insurance premiums that expired during the month are $853. Accrued utility expense of $139. Depreciation on the office equipment for the month is $435 c) 2. Unearned rent at March 31 is $1,215 Salaries accrued at March 31 are $842 Prepare an income statement, statement of owner's equity, and a classified balance sheet for the year ended March 31, 2008. Journalize and post the adjusting entries Journalize and post the closing entries Prepare a post-closing trial balance 3. 4. 5. 5. Reverse appropriate adjusting entries Wericht Adjustment Dr C Adprited Trainee De Income Dr a What De Trial Balance Or Cr 33.574 9,95 4,725 5,381 18,335 3.567 4,412 4 3.361 45.156 Account Titles 110 Cash 120 Accounts Receivable 3 140 Suppliers 160 Prepaid Insurance 5 180 Office Equipment 181 Accumulated Depreciation 7210 Accounts Payable 8220 Salaries Payable 9230 Unearned Rental income 100 310 Terry Masters, Capital 11 320 Terry Masters, Drawing 12 410 Fees Earned 14430 Rental income 15 510 Salaries Expense 16520 Utilities Expense 17530 Rent Expense 18540 Advertising Expense 19 560 Supplies Expense 21 570 Insurance Expense 2580 Depreciation Expense 3590 Miscellaneous Expense 5.770 75, 178 2.293 15 15 18.250 2.552 5.738 2.380 3.545 2.136 1.575 78 133.997 J19 1 2 ps DE 133.997 23 1. "C" Level Problem 1 The general ledger for Masters Consulting Service as of March 31, 2021, follows this page. You are to complete the following: Complete the ten-column worksheet. Data needed to determine the necessary adjusting entries for the month are as follows: a) Fees earned but not recorded at March 31 is $2,548. Supplies on hand at March 31 are $3,176. Insurance premiums that expired during the month are $853. Accrued utility expense of $139. Depreciation on the office equipment for the month is $435 c) 2. Unearned rent at March 31 is $1,215 Salaries accrued at March 31 are $842 Prepare an income statement, statement of owner's equity, and a classified balance sheet for the year ended March 31, 2008. Journalize and post the adjusting entries Journalize and post the closing entries Prepare a post-closing trial balance 3. 4. 5. 5. Reverse appropriate adjusting entries Wericht Adjustment Dr C Adprited Trainee De Income Dr a What De Trial Balance Or Cr 33.574 9,95 4,725 5,381 18,335 3.567 4,412 4 3.361 45.156 Account Titles 110 Cash 120 Accounts Receivable 3 140 Suppliers 160 Prepaid Insurance 5 180 Office Equipment 181 Accumulated Depreciation 7210 Accounts Payable 8220 Salaries Payable 9230 Unearned Rental income 100 310 Terry Masters, Capital 11 320 Terry Masters, Drawing 12 410 Fees Earned 14430 Rental income 15 510 Salaries Expense 16520 Utilities Expense 17530 Rent Expense 18540 Advertising Expense 19 560 Supplies Expense 21 570 Insurance Expense 2580 Depreciation Expense 3590 Miscellaneous Expense 5.770 75, 178 2.293 15 15 18.250 2.552 5.738 2.380 3.545 2.136 1.575 78 133.997 J19 1 2 ps DE 133.997 23

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