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File Home Calibri (Body) 10 fx ▼1234567 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Insert 35 36 37 AA Draw B Formulas IU ab D E Data Review View A H You are hired as a new staff accountant for Chalky Co., a reputable chalkboard company, that specializes in selling and installing chalkboards. Your task is to prepare the financial statements for September 30, 2020 You are provided with the unadjusted trail balance, and but need to make the following adjusting entries. 1. An audit of inventory shows that $3,000 of office supplies were used. 2. Chalky Co had purchased office furniture. The office furniture was purchased for $36,000. Chalky Co. expects the furniture to last 6 years and value $0 at the end of its useful You notice that monthly depreciation expense for 2020 has not been recorded. They will need to book 9 months of depreciation expense in September. 3. An insurance policy was purchased for $4,000. The policy term was for April 2020 - March 2021. 6 months of expense needs to be booked. 4. Star Company paid $18,000 for chalkboard installations last month. The service was completed in September. 5. Chalky Co. provided installation service to Red Barn Inc for $36,000. Chalky Co. issued an invoice to Red Barn Inc on September 21st with payment terms 5/10 net 30. 6. Pretty Office Cleaning, a cleaning service, provided services to Chalky Co. during September An invoice was received for the amount of $8,000 due in 30 days. 7. Chalky Co. conducted a physical count of their inventory and realized there was a shrinkage. The value of current inventory was $18,000. 8. Based on previous experience, Chalky Co estimates that 2% of its accounts receivable balance will go uncollected. 9. Chalky Co. aquired BD Company, smaller company, in 2019 for $150,000. At the time of acquisition, BD Company had net assets of $100,000. The current value of BD Company is $125,000 HEA