9.75 points eBook E References All associated information and instructions for the Chapter 11 project are presented between pages 534 and 598 in the text. The steps for setting up a new company in Section 11.2 {pages 540546} must be attempted before attempting any ofthe following questions. ADJUSTMENTS Adjustments are one ofthe steps in the accounting cycle. The accounting cycle usually consists ofthe following steps. Chart of Accounts. The Chart of Accounts (Account List) is a list ofall accounts used to accumulate information about assets, liabilities. owners' equity. revenues. and expenses. Transactions. During the accounting period, record transactions with customers, vendors, employees, and owners. Trial Balance. A Trial Balance is also referred to as an unadjusted Trial Balance because it is prepared before adjustments. A Trial Balance lists each account and the account balance atthe end ofthe accounting period. Prepare a Trial Balance to verify that the accounting system is in balancetotal debits should equal total credits. Adjustments. Atthe end of the accounting period before preparing financial statements, make any adjustments necessary to bring the accounts up to date. Adjustments are entered in the Journal using debits and credits. Adjusted Trial Balance. Prepare an Adjusted Trial Balance [a Trial Balance after adjustments) to verify that the accounting system still balances. Financial Reports. Prepare financial statements (Profit and Loss. Balance Sheet, and Statement ofCash Flows} for external users and internal users. Prepare management reports. For Mookie The Beagle Coach. we have prepared the Chart of Accounts and entered Transactions. Next, we need to create a Trial Balance. make Adjusting Entries, create an Adjusted Trial Balance, and then prepare Financial Reports for Mookie The Beagle Coach. TRIAL BALANCE The purpose ofthe Trial Balance is to verify that our accounting system balances (debits equal credits} before we enter adjusting entries. Required: Complete the following to prepare a Trial Balance for Mookie The Beagle Coach. 1. From the Navigation Bar, select Reports 2. Select Standard report tab 3. Select Report Category: For My Accountant 4. Select Trial Balance and complete steps to run the Trial Balance at 0212812023 5. Export the Trial Balance to PDF. Export the Trial Balance to Excel. Answer the following questions about Mookie The Beagle Coach Trial Balance. 1. What is the amount ofTotal Debits? 2. What is amount of Total Credits? 3. What is balance in the 5024 Ofce Supplies and Software account? 4. What is balance in the 5012|nsurance1 Liability Insurance Expense account