1. Open a new Excel workbook, and create an unadjusted trial balance as of December 31, 2021, putting the accounts below in financial statement order. Check figure totals should be $93,500.

Supplies	$2,500
Retained Earnings	0
Rent Expense	10,000
Interest payable	0
Cash	14,000
Accounts Payable	1,500
Depreciation Expense	0
Supplies Expense	0
Accounts Receivable	2,000
Accumulated Depreciation	0
Advertising Expense	15,000
Service Revenue	55,000
Notes Payable	5,000
Common Stock	30,000
Deferred Revenue	2,000
Equipment	50,000
Interest Expense	0

3. Use the following information to prepare adjusting journal entries. Put your numbers directly in the worksheet, the debits in the debit column, and the credits in the credit column. It might help if you write out the journal entries by hand first.
   1. Supplies of $1,500 have been used during the year.
   2. The depreciation on the equipment was calculated as $5,000 for the year.
   3. Interest on the note is $250 for the year.
   4. All the deferred revenue was earned by the end of the year.

Check figure total adjustments should be $8,750.

4. Any accounts that have been adjusted need their new balances, so add/subtract the effect of the adjustment to get the new balance.

Check figure total adjusted trial balance should be $98,750.

5. Fill in the rest of the worksheet the income statement and balance sheet columns

Check figure net income should be $25,250.