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Silver Line company adjusts its accounts monthly , performs closing entries annually. The firms unadjusted trial balance as of December 31. 2011 is on the worksheed enclosed. a) Accrued but unrecorded and uncollected consulting services revenue totals 1.500 USD at December 31.,2011 b) The company determined that 2.500 USD of previously unemed consulting services revenue had been earmed at De cember 31.2011 c) Office supplies on hand at December 31 total 110 USD d) The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was five years. (60 months) e) The company prepaid its 6 month rent agreement on October 1, 2011 f) The company prepaid its 12 month insurance policy on May 1,2011 g) Accrued but unpaid salaries total 2 000 USD at December 31. 2011 h) On June 1, 2011 the company borrowed 10 000 USD buy signing a nine-month, 8 percent note payable. The entire amount, plus interest, is due on March 1, 2011 The company tax auditor estimated income tax expense for the entire year as 7 000 USD. The unpaid portion is due in 2012 i)1. Prepare the necessary adjusting journal entries on December 31,2011 on the next page 2. Prepare an adjusted trial balance sheet dated December 31.,2011 on the worksheet 3. Make the necessary year end closing entries; and show the companys balance sheet as of December,31,2011 on the worksheet.SILVER LINING, INC General Journal December 31, 2011Unadjusted Adjusted Trial balance Entries Balance Sheet Debit Credit Debit Credit Debit Credit Assets Liablities and E Cash 45,835 unts receivable 2,000 Office supplies Prepaid rent Unexpired insurance Office equipment 205 1,200 270 60,000 35,250 1,400 360 1,750 9,000 3,500 30,000 12000 umulated depreciation: office equipmen nts payable Interest payable Income taxes payable Notes payable Unearned consulting services revenue Capital stock Retaining earnings Dividends Consulting services revenue Office supplies expense Depreciation expense: office equipment Rent expense Insurance expense Salaries expense Interest expense Income taxes expense 1,000 65,000 605 8,250 3,525 1,010 27,100 360 6,900 Totals 153 260

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