Question: help this is my third time posting this. the needed information is below. let me know what is needed PART 4: FINANCIAL STATEMENTS, CLOSING ENTRIES,



PART 4: FINANCIAL STATEMENTS, CLOSING ENTRIES, POST-CLOSING TRIAL BALANCE From the Adjusted Trial Balance in Part 3 of this project, prepare the Financial Statements (Multi-step Income Statement, Statement of Retained Earnings, Classified Balance Sheet, Statement of Cash Flows, indirect method). Next, prepare the closing journal entries. Finally, update the Ledgers and prepare the Post- Closing Trial Balance. D E TI B Accounting 2301 - Fall 2021 - Project Part 1 Answers Unadjusted Trial Balance For the Month Ended 12/31/2020 Credit Account Debit Cash $75,272.10 Accounts Receivable $650.00 Office Supplies $1,157.40 Prepaid Rent $2,700.00 Prepaid Insurance $900.00 Office Equipment $14,600.00 Accounts Payable Notes Payable Uneamed Revenue Payroll Tax Payable-OASDI Payroll Tax Payable-Medicare Payroll Tax Payable-FUTA Payroll Tax Payable-Federal WHT Common Stock Dividends $3,000.00 Service Revenue Accounting Expense $450.00 Advertising Expense $1,460.00 Utilities Expense $796.00 Meals Expense $68.00 Salaries Expense $5,000.00 Payroll Tax Expense $412.50 Totals $106,466.00 $416.00 $50,000.00 $2,900.00 $620.00 $145.00 $30.00 $860.00 $40,000.00 $11,495.00 $106,466.00 Done U Expert Q&A Accounting 2301 - Fall 2021 - Project Part 1 Answers Adjusted Trial Balance For the Year Ended 12/31/2020 Credit $229.90 Account Debit Cash $75,272.10 Accounts Receivable $650.00 Allowance for Bad Debts Office Supplies $160.00 Prepaid Rent $900.00 Prepaid Insurance $750.00 Office Equipment $14,600.00 Accumulated Depreciation Accounts Payable Notes Payable Interest Payable Payroll Tax Payable-OASDI Payroll Tax Payable-Medicare Payroll Tax Payable-FUTA Payroll Tax Payable-Federal WHT Common Stock Dividends $3,000.00 Service Revenue Accounting Expense $450.00 Advertising Expense $1,460.00 Utilities Expense 5796.00 Meals Expense $68.00 Salaries Expense $5,000.00 Payroll Tax Expense $412.50 Bad Debt Expense $229,90 Depreciation Expense $387.50 Supplies Expense $997.40 Insurance Expense $150.00 Rent Expense $1,800.00 Interest Expense $283.33 1 Totals $107,366.73 3 3 $387.50 $416.00 $50,000.00 $283.33 $620.00 $145.00 $30.00 $860.00 $40,000.00 $14,395.00 $107,366.73 2 The other accounts that needs to be adjusted are: Prepaid Rent Prepaid Insurance Unearned Revenue
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