REM Consulting is completing the accounting information processing at the end of the fiscal year, December 31. The following trial balances are available. 
(a) Reconstruct the adjusting entries and give a brief explanation of each.(b) What is the amount of net income?
Definitions:
Quota
An upper limit, set by the government, on the quantity of some good that can be bought or sold; also referred to as a quantity control.
Consumption
Consumption involves the use of goods and services by households, covering everyday spending on things like food, clothing, and entertainment.
Tariffs
Taxes imposed by a government on imported goods to increase their price and protect domestic industries.
Import Quotas
A government-imposed limit on the quantity of a particular good that can be imported into a country during a specified period of time.
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