Please solve this for me. Closing Entries (and the kitchen sink.)Below is the June 30, 2024 unadjusted trial balance of Netlock Security, a firm that offers hacking preventionservices to large companies.AdjustmentsCashAccounts receivableSuppliesPrepaid insuranceComputersA.D. - ComputersAccounts payableSalaries payableInterest payableUnearned security revenueNote payableCommon sharesRetained earningsDividendsSecurity revenueSalaries expenseInterest expenseDepreciation expenseSupplies expenseRepairs expenseInsurance expenseRent expenseIncome tax expenseUnadjusted TBCRDR$38,00012,0005,00028,000214,00010,000320,00017,00060,0007,000$46,0008,00015,00030,00040,00087,000485,000DRCRTotal$711,000$711,000The company's fiscal year end is June 30, and the following items require adjustment:Adjusted TBDRCR Total$711,000$711,000The company's fiscal year end is June 30, and the following items require adjustment:a.) A count of supplies reveals $300 were on hand on June 30.b.) The $28,000 insurance policy was purchased on March 1, 2024.c.) The computers were purchased years ago for 214,000. At the time of purchase, the estimated life of thecomputers was 10 years with no estimated residual value.d.)The $30,000 note payable was issued on February 1, 2024 and accrues interest at a 10% annual rate. Thenote is expected to be repaid in late-2024.e.)On May 1, 2024 the company entered into a 3-month contract to provide security for a major corporation,the corporation paid $15,000 for their 3-month contract on May 1, and that amount was correctly recordedas unearned revenue. On June 30, Netlock had fulfilled the first 2 months of the contract.f.)The company had three employees who were owed for two days of salaries at year end. Each employeeearns $250 per day.g.)On June 1, 2024, the company entered into an agreement to provide service for a new client at a rate of$4,000 per month. At the end of June, the client had received their first month of service but had not yetbeen billed.Required:a.) As necessary, record adjusting journal entries based on items a.) through g.) above.b.) Using your adjusting journal entries, complete the adjusted trial balance.c.) Based on the adjusted trial balance, prepare an income statement, statement of changes in equity and abalance sheet. Assume no common shares were issued during the year.d.) Prepare closing entries for the company.28

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Below is the June 30, 2024 unadjusted trial balance of Netlock Security, a firm that offers hacking prevention services to large companies. Adjustments Cash Accounts receivable Supplies Prepaid insurance Computers A.D. - Computers Accounts payable Salaries payable Interest payable Unearned security revenue Note payable Common shares Retained earnings Dividends Security revenue Salaries expense Interest expense Depreciation expense Supplies expense Repairs expense Insurance expense Rent expense Income tax expense Unadjusted TB CR DR $38,000 12,000 5,000 28,000 214,000 10,000 320,000 17,000 60,000 7,000 $46,000 8,000 15,000 30,000 40,000 87,000 485,000 DR CR Total $711,000 $711,000 The company's fiscal year end is June 30 and the following items require adjustment: Adjusted TB DR CR

Below is the June 30, 2024 unadjusted trial balance of Netlock Security, a firm that offers hacking prevention services to large companies. Adjustments Cash Accounts receivable Supplies Prepaid insurance Computers A.D. - Computers Accounts payable Salaries payable Interest payable Unearned security revenue Note payable Common shares Retained earnings Dividends Security revenue Salaries expense Interest expense Depreciation expense Supplies expense Repairs expense Insurance expense Rent expense Income tax expense Unadjusted TB CR DR $38,000 12,000 5,000 28,000 214,000 10,000 320,000 17,000 60,000 7,000 $46,000 8,000 15,000 30,000 40,000 87,000 485,000 DR CR Total $711,000 $711,000 The company's fiscal year end is June 30 and the following items require adjustment: Adjusted TB DR CR

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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