Prepare all necessary adjusting entries at December 31, 20×7 Descriptions are not needed.

The following additional information is available:Skylar Gaming, Inc. needs to accrue $2,000 in salaries that will not be paid until next month.Skylar Gaming, Inc. has earned $2,000 of the services that were paid for in advance as included in the unearned revenue account.At the end of the period, Skylar Gaming, Inc. has provided services in the amount of $500 to another customer (John Gartner). However, Skylar has not billed them yet since they only issue bills at the beginning of each month.Skylar Gaming, Inc. needs to record the annual $1,025 of depreciation on the equipment.One month of the 12-month insurance policy in prepaid insurance has been used up, and a journal entry is needed to reflect this.At the end of the period, $125 in supplies are remaining.Required: Using the template in the Module 3 folder, complete the following:Prepare all necessary adjusting entries at December 31, 20×7 Descriptions are not needed.Prepare an adjusted trial balance at December 31, 20×7.Columns listed on the worksheet as income statement, statement of retained earnings, and balance sheet should be completed. Prepare closing entries including descriptions.