P3-45 Preparing adjusting entries and preparing an adjusted trial balanceThis problem continues the Davis Consulting situation from Problem P2-43 of Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Problem P2-43. The unadjusted trial balance at December 31, 2014 is duplicated below:Account TitleOffice SuppliesCashDebit CreditAccounts ReceivableEquipmentFurnitureAccounts PayableUnearned RevenueDavis, CapitalDavis, WithdrawalsService RevenueRent ExpenseUtilities ExpenseTotalBalance$ 16,400$ 26,700 $ 26,7004,2002,60018,0005501,2009001,800$ 4,7001,4001,400250DAVIS CONSULTINGUnadjusted Trial BalanceDecember 31, 2014At December 31, the business gathers the following information for the adjusting entries:a. Accrued service revenue, $550.b. Earned $700 of the service revenue collected in advance on December 21.c. Office supplies on hand, $200.d. Depreciation on equipment, $30; Depreciation on furniture, $70.e. Accrued $685 expense for administrative assistant’s salary.Requirements1. Journalize and post the adjusting entries using the T-accounts that you completed in Problem P2-43. In the T-accounts, denote each adjusting amount as Adj. and an account balance as Balance.2. Prepare an adjusted trial balance as of December 31, 2014.
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