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Q1 - Journalize the adjusting entries on December 31 based on the following data. (6...

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Q1 - Journalize the adjusting entries on December 31 based on the following data. (6 points) 1. Insurance purchased on 1/8/2018 for one year. 2. On December 31 supplies on hand is $800. 3. The company purchased equipment in 1/9/2017 and the monthly depreciation is $240 for equipment. 4. Unearned revenue of $4,800 was earned prior to December 31. 5. Salaries of $400 were unpaid or recorded at December 31. 6. The Note Payable (loan) interest rate is 9% per year. (The loan was taken out on August 1.) Question Two Nokia Company Adjusted Trial Balance December 31, 2017 Account name Debit Credit Cash $ 9,840 Accounts Receivable 8,780 Equipment 15,900 Accumulated Depreciation-Equip $ 7,400 Accounts Payable 4,220 Unearned Revenue 1,800 Owner's Capital 35,200 Owner's Drawings 16,000 Service Revenue 60,500 Depreciation Expense 8,000 Salaries and Wages Expense 35,700 Utilities Expense 14,900 $109,120 $109,120 Instructions: 1: Determine the accounts that need to be closed at the end of the accounting period. (2 points) 2: Prepare the closing entries for each account need to be close. (Use the back of the paper)

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