Chart of AccountsCashCommon StockAccounts ReceivableRetained EarningsSuppliesDividendsInventoryFees EarnedPrepaid InsuranceSalesPrepaid RentCost of Goods SoldOffice EquipmentDepreciation ExpenseAccumulated DepreciationInsurance ExpenseAccounts PayableRent ExpenseNotes PayableSupplies ExpenseUnearned RevenueUtility ExpenseWages ExpenseM4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. Prepare the Journal Entries, update T-accounts, and prepare the TB.On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock.On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000.On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1.On January 31, M4 Engineering bought $7,500 of office supplies on account.On February 10, M4 Engineering paid the utility bills of $300.On February 15, M4 Engineering bought computers and other Office Equipment on account for $20,000.On February 28, M4 Engineering received $50,000 advance payment for work that will begin on April 1.On March 31, the CFO reviewed M4 Engineering’s books and noted the following below. Prepare the AJEs (Adjusting Journal Entries), update the T-accounts, prepare the AdjTB (Adjusted Trial Balance) and Financial Statements.H. Employees were owed $12,000 for hours work in March.I. Only $1,200 of supplies were still on hand.J. Three months of rent had expired (been used).K. The March 31 utility bill had not been received. The CFO expects that $320 of utility services were used.L. $25,000 of the engineering work related to transactions (C) and (G) have been completed.On March 31, the CFO reviewed M4 Engineering’s books and noted the following below. Prepare the AJEs (Adjusting Journal Entries), update the T-accounts, prepare the AdjTB (Adjusted Trial Balance) and Financial Statements.
