Prepare adjusting entries required of financial statements for the year ended (date of ) 12/31/11. (Assume that prepaid expenses are…

Prepare adjusting entries required of financial statements for the year ended (date of ) 12/31/11. (Assume that prepaid expenses are initially recorded in the asset accounts and that fees collected in advance of work are initially recorded as liabilities) Depreciation on the company’s equipment for 2011 is $19,127