In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials of the same company and create a report documenting your findings. For your first milestone, you will complete certain portions of the final project workbook as described in the prompt below. You will complete the entire workbook for your next milestone, due in Module Five. Prompt: Specifically, the following critical elements must be addressed: I. Demonstrate the year-end adjustment process. A. Prepare the adjusting journal entriesin the Adjusting Entries tab in the provided workbook. B. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab. C. Create the adjusted trial balance by completing the Adjusted Trial Balance columns using the Worksheets tab. D. Close temporary accounts by completing the Closing Entries tab. II. Prepare an income statement for your company by completing the Income Statement tab in the provided workbook

  
 
 
 
 
 

Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Leasehold Improvements Accumulated Amortization Trademark Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Loans Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Cost of Goods Sold Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Merchandise COGS (FIFO) Total Peyton Approved Trial Balance 2017 Unadjusted trial balance Debit Credit 64,713.72 165,250.00 25,750.00 7,500.00 2,400.00 17,000.00 10,000.00 2,300.00 1,600.00 30,401.00 20,000.00 90,000.00 2,780.00 375.00 5,200.00 3,285.72 2,000.00 10,000.00 27,325.00 21,000.00 30,000.00 335,675.00 35,200.00 3,456.00 15,760.00 464,485.72 464,485.72 Adjusting entries Debit Credit Adjusted trial balance Debit Credit 64,713.72 165,250.00 25,750.00 7,500.00 2,400.00 17,000.00 10,000.00 2,300.00 1,600.00 30,401.00 20,000.00 90,000.00 2,780.00 375.00 5,200.00 3,456.00 15,760.00 3,285.72 2,000.00 10,000.00 27,325.00 21,000.00 30,000.00 335,675.00 35,200.00 464,485.72 464,485.72