Individual Assignment 1 Part 2 ( 10 marks equal weight for each of the following 2 questions). Follow the instructions below and submit only a pdf document to the dropbox. Question 1 (for Smarks) The unadjusted trial balance oflackson's Web Services at December 31, 2024 follows. Additional data regarding the accounts follows: 1. Actual supplies on hand are $750. 2. Depreciation expense for 2024- has not yet been recorded, but has been calculated as $1,600. 3. Amounts recorded as Unearned Revenue are for services that were provided in December. No additional work needs to be done for these customers. 4. Salaries expense of $1,000 for the last week of December has not been paid yet, and should be recorded as Accounts Payable. Instructions a) Using EXCEL, Complete the following work sheet for December 2024 and place your result in a PDF document with your solutions to the following 2 questions at the bottom. b) Calculate prot for the year. c) Calculate the balance in E. Jackson, Capital at December 3 1, 2024-, after closing entries are made. \fQuestion 2 (for Smarks) Raji's Hardware's trial balance at its year end of December 31, 2024, is provided below. Raji's uses the perpetual inventory system. A count of the inventory on hand shows the actual amount on hand is $26,500. All other year-end adjusting entries have been made. RAII'S HARDWARE Trial Balance December 31, 2024 Debit Credit Cash .......................................................................................................................................... $ 3,500 Accounts receivable ........................................................................................................... 9,250 Merchandise inventory .................................................................................................... 26,100 Long-term investment .......... 10,000 Accounts payable.... $ 11,100 Interest payable ...................... 100 Notes payable, due 2030 ................................................................................................. 5,000. Raji, capital ......................................................................................................................... 10,270. Raji, drawings ................................................................................................................... 6,000 Sales ......................................................................................................................................... 195,000 Sales returns and allowances .................................... 620 Sales discounts ..................................................................................................................... 300 Cost of goods sold ............................................................................................................... 122,500 Salaries expense .................................................................................................................. 26,000 Advertising expense .......................................................................................................... 4,500 Rent expense ................ 12,600 Interest expense. 1!!!! m m Instructions a) Prepare the adjusting entry to record the correct inventory amount. b) Prepare the closing entries. c) Using EXCEL, prepare a multiple-step income statement for Raji's Hardware and place your result in a PDF document with your answers to the above parts A and B