DropBox). Also, bring a hardcopy with you to class so that you NOTE: In addition to the 40 points allocated to this assignment (see page 2), 5 "Lecture Assignment Participation" points are available to earn based on your participation during our class me Create the adjusted trial balance and the financial statements for Real Smart Company (RSC) f year ending December 31, 2021. RSC is a merchandiser that sells calculators, computers, penc erasers (an accounting major's best friend) and is organized as a sole proprietorship. The c Smart, otherwise known as B Smart. Project Requirements: RSC employs the accrual method of accounting; . The adjusted trial balance and the financial statements (Balance Sheet, Income Statement, an Owner's Equity) must all be prepared utilizing proper accounting formatting (see the Princi textbook) and proper Excel formatting (watch the formatting videos posted on our course D -B Smart opened the business on January 1, 2021 with an investment of $120,000, - The Cash account balance at the close of business on December 31, 2021 was $32,000 (de recreate this balance - just happily accept it); RSC issued a $45,000, 16-month, 2% note on October 1, 2021 - principal and total intere maturity; this is the only interest-bearing debt RSC entered into during 2021; The company purchased only two long-term, depreciable assets during 2021: a vehicle computer for $5,000 and depreciation was recognized in the amount of $1,000 on the v computer - both of these assets will be in service throughout 2022; On January 1, RSC paid $3,600 for an 18-month insurance policy and debited the Pre the entire amount - no insurance expense had yet been recognized at the start of busin RSC recognized bad debt expense on December 31 in the amount of $930, which wa accounts receivable balance (allowance for doubtful accounts method is used - not t Several qualifying customers took advantage of the 2% 10, net 30 payment terms d Sales Discount account balance of $3,500; B Smart withdrew a total of $17,200 in cash during 2021 from RSC for personal u In addition to all of the account balances resulting from information provided in th general ledger held the following account balances after adjusting journal entries Accounts Payable 715 Cost of goods sold 300,000 Land 74,935 Merchandise Inventory 22,125 Rent Expense 16,400 Sales 500,000 Supplies 325 Supplies Expense 7,800 Wages Expense 65,130 Wages Payable 300 E: Use only whole numbers throughout the project- no cents or place h