BIG QUESTION, USE EXCEL, AND POST WORKINGS. PLEASE AND THANKS.

Post all entries (general journal and adjusting) to the general ledger, using the A/R subsidiary ledger when appropriate. Accounts Receivable transactions will be posted to the subsidiary ledger and the control A/R account in the general ledger.

After all journal entries have been posted, prepare an adjusted trial balance. It must balance. If it does not, go back and look for your error before moving on to the next step. In proper format (headings, utilize single and double lines, columns, and dollar signs as appropriate), prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet.

Prepare closing entries in the proper format on the general journal worksheet. Use the Income Summary Account. Post all closing entries. (CL) You must create a formula every time a number is added or subtracted. The F/S account amounts should be set equal to the trial balance account, the trial balance account amount should be set equal to the ending balance in the general ledger, and the general ledger postings should be set equal to the general journal. Formulas should be created for all calculations. The dollar amount should be added only once when initially recording the transaction.

CPA's fiscal year-end is December 31. Adjusting entries are made at the end of every month. Assume all revenue and expense accounts are closed out monthly. The trial balance from December 1, 20X1 is below.

....General Ledger Accounts ETC

22 ACCDUNT: Roxie Inc. - 102-003 ACCDUNT: Daulton Inc. - 102-004 42 ACCDUNT: ALLDW/ANCE FOR UNCOLLED ACCDUNT: PREPAID INSURANCE - 105 A.IIINT-Paurnll Tayes Pauahle - na CPA's Statement of Retained Earnings For Year Ended December 31, 20X1 (in ) Retained Earnings at 12/1/20X1 Add: Net Income Retained Earnings at 12/31/20X1 \begin{tabular}{rr} \hline CPA's \end{tabular} Balance Sheet As of December 31, 201 \begin{tabular}{|l|} \hline \end{tabular} Prepaid Insurance Property and Equipment Property and Equipment Computers, Furniture and Equipment Less: Accumulated Depreciation Total Property and Equipment Total Assets Current Liabilities: Liabilities and Shareholders' Equity Accounts Payable Salaries Payable \begin{tabular}{l} Interest Payable \\ \hline Payroll Taxes Payable \\ \hline \end{tabular} Income Taxes Payable Total Current Liabilities Long Term Liabilities: Note Payable - Long Term Shareholders' Equity: Common Stock Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 22 ACCDUNT: Roxie Inc. - 102-003 ACCDUNT: Daulton Inc. - 102-004 42 ACCDUNT: ALLDW/ANCE FOR UNCOLLED ACCDUNT: PREPAID INSURANCE - 105 A.IIINT-Paurnll Tayes Pauahle - na CPA's Statement of Retained Earnings For Year Ended December 31, 20X1 (in ) Retained Earnings at 12/1/20X1 Add: Net Income Retained Earnings at 12/31/20X1 \begin{tabular}{rr} \hline CPA's \end{tabular} Balance Sheet As of December 31, 201 \begin{tabular}{|l|} \hline \end{tabular} Prepaid Insurance Property and Equipment Property and Equipment Computers, Furniture and Equipment Less: Accumulated Depreciation Total Property and Equipment Total Assets Current Liabilities: Liabilities and Shareholders' Equity Accounts Payable Salaries Payable \begin{tabular}{l} Interest Payable \\ \hline Payroll Taxes Payable \\ \hline \end{tabular} Income Taxes Payable Total Current Liabilities Long Term Liabilities: Note Payable - Long Term Shareholders' Equity: Common Stock Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity