Information on adjusting entries:
(1) Records show that 90% of unearned consulting fees had been earned as of 31 December 2023.
(2) Salaries earned by the Company's employees for December 2023 that have not been paid nor recorded amount to $25,000.
(3) Office supplies on hand at year end was $17,500.
(4) On 1 October 2023, the Company paid medical insurance premium for its employees six months in advance.
(5) The Company borrowed $120,000 by signing a 5-year notes payable with annual interest rate of 6% on 1 July 2023. Note interest is paid semi-annually at 31 December and 30 June. No entries were made for (i) the accrued interest for December 2023 and (ii) the payment of the interest for 2023.
(6) The office equipment was bought on 1 April 2023 with useful life of 5 years and no residual value. The Company adopts straight-line method for depreciation.
(7) In December 2023, the Company organized a seminar to be held early next year. Admission fees received in advance totaled $35,000 in December. No entry was made.
(8) On 31 December 2023, the Company declared a dividend of $0.2 per share to be payable early next year. No entry was made.
(9) In December 2023, the Company successfully arranged for an U.K. immigration visa for a customer, Mr. Smith. The related fees of $9,500 has not been billed to Mr. Smith and cash is not yet received.
(10) Estimated income taxes expense for the entire year totals $58,000. Taxes are due in the first quarter of the upcoming year.
Required: (a) Prepare the necessary adjusting journal entries on 31 December 2023 to bring the financial records of Star Immigration Consulting Company up-to-date. Use the account titles given in the Trial Balance or create new accounts where appropriate. Show your workings. Explanations are NOT required.