1. The  two additional adjusting entries   are:
•Rent Expenses $5,225
•Revenue $3,700
2.  Balance sheet reported  is $42,000
3.  Netnet cash flow from operating activities  is $37,500
4. Rent expenset is $5,225$5,225
5.  Totaltotal liabilities is $23,770
6.  Supplies expense   $800
7.    Unearnedunearned revenue  is $3,700
8.    Netnet cash flow  is ($10,000)
9.   Totaltotal expenses  is $24,125
10.   Total  service revenue is $71,700
  11.   Cash cash  Cash flows from financing activities  is $45,600
12.   Netnet income  is $26,216
13.   Retainedretained earnings  is $43,216
1. Additional adjusting entries that must be made are:
•Part of the Prepaid rent of the amount of $5,225 will be  allocated to the rent expense 
Rent Expenses $5,225
($5,700 x 11/12 = $5,225)
•Part  of the revenue received in advance of the amount of  wi$3,700ll  be recognized as revenue 
Revenue 
($7,400 x 6/12 = $3,700)
2. Beginning balance	$32,000
Add Cost of Land purchased	$32,000
Less Cost of Land sold	($22,000)
Ending balance	$42,000
3.Cash received from customers	
Received cash in advance as a retainer for services to be performed monthly over the coming year	$7,400
Received cash collections from accounts receivable	$54,000
Cash Paid to Suppliers:	
Paid cash in advance for a one-year lease for office space	$(5,700)
Made a cash payment on accounts payable	$(20,000)
Cash flow from operating activities	$35,700
4.Rent for 12 months	$5,700
Less Rent per months	$475
($5,700/12)
Rent expense	$5,225
5. Accounts Payable:	
Beginning balance	$23,000
Cash payment on accounts payable	$(20,000)
Purchased supplies on account	$970
Incurred other operating expenses on account	$13,000
Balance of Accounts Payable	$16,970
Unearned Income	$3,700
Accrued salaries expense	$5,100
Total Liabilities	$23,770
($16,970+$3,700+$5,100)
6.Supplies purchased	$970
Less Supplies on hand	($170)
Supplies expense	$800
7.Revenue received ion July 1 for 12 months contract	$7,400
50% earned in the year	$(3,700)
Unearned revenue of the balance sheet	$3,700
8. Cash used to purchase land	$(32,000)
Proceeds from the sale of land	$22,000
Cash used by investing activities	$(10,000)
9. Lease for office space	$5,225
Supplies	$800
Other operating expenses	$13,000
Salaries expense	$5,100
Total expenses	$24,125
10. Revenue earned from retainer received in advance	$3,700
Service revenue on account	$68,000
Total Service Revenue	$71,700
11. Issue of common stock	$48,000
Cash dividend to the stockholders	$(2,400)
Cash provided by financing activities	$45,600
12.Total Service Revenue	$71,700
($3,700+$68,000)
Interest Revenue	$116
Total expenses	$(45,600)
Net income	$26,216
13. Retained Earnings on the balance sheet is:
Beginning balance	$17,000
Net income for the year	$26,216
Ending balance	$43,216
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