solved question 1. Following are transactions for March for Spruce Corporation:Mar

question 1. Following are transactions for March for Spruce Corporation:Mar 1Received $19,000 cash from shareholders in exchange for shares of common stock.2Paid $4,200 cash for March rent for office space.4Borrowed $5,000 cash from the bank and signed a promissory note for the balance due.6Purchased a 1-year insurance policy costing $3,900 for cash.9Purchased supplies costing $2,300 on account from Green Suppliers.11Purchased equipment costing $22,000. Paid $4,000 cash and signed a promissory note for the remainder due.13Received an $1,800 cash advance from a customer for services to be performed for the customer beginning on April 1.19Made a $2,300 cash payment on account to Green Suppliers (related to the March 9 transaction).20Performed services and received $6,300 cash from customers.22Declared and paid $700 cash dividends to shareholders.24Performed services and billed customers $9,600.29Paid cash for employees’ salaries for March $3,700.30Received an $1,100 utility bill for March–the bill will be paid in April.31Received $7,100 cash on account from previously billed customers.with this informationmake a general journal, general ledure and a trial balance sheet———-question 2Following is the trial balance of Magnolia Corporation on December 31:Magnolia CorporationTrial BalanceDecember 31, 2021AccountsDrCrCash8,700Accounts Receivable6,400Supplies3,410Prepaid Insurance3,240Equipment28,000Accumulated Depreciation-Equipment4,000Accounts Payable5,200Notes Payable12,000Unearned Service Revenue2,250Common Stock15,000Retained Earnings6,700Dividends Declared5,000Service Revenue48,900Salaries Expense25,200Advertising Expense10,400Utilities Expense3,700Totals94,05094,050The additional following information is available on December 31:Depreciation on the equipment is $4,000 per year.Accrued interest on the notes payable as of December 31 is $960.On February 1, 2021, Magnolia had purchased a 1-year insurance policy costing $3,240. The effective date of the policy was February 1, 2021.Services performed for customers but unrecorded as of December 31, are $3,900.Supplies costing $210 remain on hand on December 31.Accrued salaries on December 31 are $2,100.On September 1, 2021, Magnolia had received a $2,250 cash advance from a customer for 9 months of services to be performed for the customer beginning on September 1, 2021.———–Prepare the required adjusting journal entries for December 31, 2021 in the attached general journal file, assuming that Magnolia prepares adjusting entries annually (once each year) on December 31—– question 3————–Following is the trial balance of Magnolia Corporation on December 31:Magnolia CorporationTrial BalanceDecember 31, 2021AccountsDrCrCash8,700Accounts Receivable6,400Supplies3,410Prepaid Insurance3,240Equipment28,000Accumulated Depreciation-Equipment4,000Accounts Payable5,200Notes Payable12,000Unearned Service Revenue2,250Common Stock15,000Retained Earnings6,700Dividends Declared5,000Service Revenue48,900Salaries Expense25,200Advertising Expense10,400Utilities Expense3,700Totals94,05094,050The additional following information is available on December 31:Depreciation on the equipment is $4,000 per year.Accrued interest on the notes payable as of December 31 is $960.On February 1, 2021, Magnolia had purchased a 1-year insurance policy costing $3,240. The effective date of the policy was February 1, 2021.Services performed for customers but unrecorded as of December 31, are $3,900.Supplies costing $210 remain on hand on December 31.Accrued salaries on December 31 are $2,100.On September 1, 2021, Magnolia had received a $2,250 cash advance from a customer for 9 months of services to be performed for the customer beginning on September 1, 2021.RequiredPrepare the required adjusting journal entries for December 31, 2021 in the attached general journal file, assuming that Magnolia prepares adjusting entries annually (once each year) on December 31. —————————————- question 4————–Following is the adjusted trial balance of Elm Corporation on December 31, 2021:Elm CorporationAdjusted Trial BalanceDecember 31, 2021AccountsDrCrCash7,600Accounts Receivable6,800Supplies1,400Prepaid Insurance900Equipment37,000Accumulated Depr.-Equipment12,000Buildings45,000Accumulated Depr.-Buildings15,000Land8,000Accounts Payable8,300Notes Payable (90 day)1,500Salaries Payable1,200Interest Payable900Unearned Cleaning Revenue2,400Notes Payable (25 year)17,000Common Stock24,000Retained Earnings19,300Dividends Declared9,000Maintenance Revenue54,700Cleaning Revenue62,300Salaries Expense48,900Advertising Expense12,600Interest Expense1,200Supplies Expense18,300Insurance Expense6,900Depreciation Expense5,600Utilities Expense9,400Totals218,600218,600Required:Compute the following amounts:Total Revenues Total Expenses Net Income Total Retained Earnings Total Current Assets Total Property, Plant, and Equipment Assets Total Assets Total Current Liabilities Total Long-Term Liabilities Total Liabilities Total Stockholders’ Equity Total Liabilities and Stockholders’ Equity Prepare the required closing entries in the attached general journal. You will upload your saved journal in Question 4.Post your closing entries to the attached T-accounts. You will upload your saved T-accounts in Question 4.—On the post-closing trial balance, the total debits will be On the post-closing trial balance, the total credits will be