Business, 16.02.2021 16:10 minideeri

Allen Business Consulting (Company) provides advisory services related to advertising to Royal Caribbean. Company prepares adjusting entries every month but closes its accounts only at year-end. Below is the unadjusted trial balance for Allen Business Consulting dated December 31, 2020. According to the balances given in this trial balance and transactions below, please fulfill the following instructions; a- (35 points)  Prepare adjusting entries in journal and post to ledger (T accounts).  Describe the type of adjusting entries in transactions 4 and 7.  State the effect on the Financial Statements if adjusting entries (4&7) were not performed.

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