ADJUSTING ENTRIES AND TABULAR ANALYSIS TEMPLATES Using the information provided below, record the six adjusting entries your company needs to record as of December 31,2017. You will notice that the Tabular Analysis looks differently than what we covered previously. As a result of more accounts being used than could neatly be fit on one page, you will only being filling in balances for the Balance Sheet accounts (remember: income statement accounts impact retained earnings). When you record a transaction that utilizes an income statement account (such as #6), you will need to list the account(s) used from the Income Statement under the "Account(s) Used" heading (17 ofthe 30 transactions ill require you to record the account(s) used from the income statement) The six adjusting entries are 1. Consulting Revenue: On December 31, you were half way to "Passing Go and earned $100 of consulting revenue, which will not be paid until you fully "Pass Go in 2018. Record the adjusting entry to reflect the $100 of consulting revenue earned, but not yet received, as of December 31, 2017, (ADJ#1) 2. 3, 4. Property Taxes: On December 31, you owed property taxes of $1,000 (related to 2017). You will not pay these taxes until 2018 Record the adjusting entry to reflect the $1,000 accrued expense as of December 31, 2017 (ADJ#2) Prepaid Rent: Record the necessary adjusting entry related to the prepaid rent transaction recorded (Transaction #29 You are recording the adjusting entry as of December 31, 2017 (Hint-How Many Months Have You "Used" Up). (ADJ#3) Unearned Revenue: Record the necessary adjusting entry related to the unearned rent revenue transaction recorded (Transaction #30). You are recording the adjusting entry as of December 31, 2017 (Hint-How Many Months Have You "Earned"). ADJ#4) 5. Bribing City Official: On December 31, 2017 your company incurred a $300 fine for illegally bribing a city official. You have not yet received a bill from the city, but payment for the fine will be made in 2018. Record the adjusting entry made by your company on December 31, (ADJ#5) 6. Income Taxes: You will need to accrue income taxes equal to 25% of its net income for the year. After recording Transactions 1-30 and Adjusting Entries 1-5, you had the following information: Revenues 9,135; Expenses5,323 and Income Before Taxes 3,812 29 On October 31, 2017, you prepaid $1,500 cash to cover rent on various properties for the period Nov. 1,2017-Jan. 1, 2018 (3 months), 30On October 31, 2017 you received advanced rent payments of $6,000 cash to cover tenants rent for period Nov. 1,2017-Jan. 1, 2018 (3 months) BALANCE SHEET INCOME STATEMENT REVENUE/GAIN/EXPENSE/LOSS Account Used ASSETS LIABILITIES EQUITY CashAR Land Invest Build TOTAL ADJ 1 ADJ 2 ADJ 3 ADJ 4 ADJ 5 ADJ 6 SHOULD AGREE TO FINANCIAL STATEMENT CHECK FIGURES TOTALS BALANCE SHEET As of December 31, 2017 INCOME STATEMENT For the Year Ended December 31, 2017 8,085.00 900.00 0.00 100.00 50.00 9,135.00 2,368.00 0.00 1,325.00 200.00 1,000.00 100.00 300.00 30.00 5.323.00 3,812.00 Rent Revenue Consulting Revenue Utlity and Railway Revenue Cash Accounts Receivable Land Investments 7,112.00 1,600.00 1,290.00 400.00 Mortgage Pavable Accounts Pavable Fine Payable Taxes Payable Unearned Rent Revenue 0.00 1,290.00 300.00 1,953.00 2,000.00 Miscellanous Revenue Gain on Sale of Proper otal Revenues Rent Expense Utility and Railway Expense Fines & Penalties Expense Tax Expense Property Tax Expense Repairs & Maintenance Expense Miscellanous Expense 1,000.00 5,543.00 3,500.00 2,859.00 6,359.00 11,902.00 Total Liabilities Prepaid Rent 500.00 Common Stock Retained Eamings Loss on Sale of Proper otal Expenses Income Before Taxes Total Equi Total Liabilities and Equi Total Assets Income Tax Expense (25% Net Income 2,859.00