Use the unadjusted trial balance below as a starting point.

Journalize and post adjusting journal entries as needed given the additional information below. Produce an adjusted trial balance.

The company produces financial statements at the end of each month.

Silver Company Unadjusted Trial Balance January 31, 2022

Account

Debit

Credit

Cash

$ 5,416

Accounts Receivable

1,919

Supplies

1,568

Notes Receivable

50,590

Equipment

20,070

Accumulated Depreciation

3919

Accounts Payable

1368

Notes Payable

19936

Unearned Revenue

1919

Common Stock

10175

Retained Earnings

32059

Revenue

35191

Expenses

25,004

Total $ 104,567 $ 104,567

A) Journalize the following adjusting transactions

NOTE: Show your interest calculations (Use 365 days for the year)

B) Produce an adjusted trial balance for the company

C) What is the net income before adjustments

D) What is the net income after adjustments

E) What is the book value of the equipment after adjustments

1)

The company determine that $1054 of supplies has been used during the reporting period.

2)

The company determine that $2976 of deprecition expense has accrured on the equipment.

3)

The note receivable was issued to a customer in exchange for an outstanding accounts receivable. The note receivable was issued on January 15, 2022 and has a 7% APR.

The first interest payment on the note is expected from customer on Feb 15, 2022.

4)

The note payable has been outstanding for the entire month. The note payable has an interest rate of 7% APR.

The next interest payment on the note is expected to be paid to the bank on Feb 15, 2022.

5)

The company determines that $518 of salaries expense has accrured in January that will be paid in February.

6)

The company determines that $541 of unearned revenue has been earned in this period.

CHECK FIGURE: $ 108,333 Total value of debits