Please prepare 10 column Worksheet – Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet.
Prepare the formal Income Statement, Statement of Owner’s Equity, and Balance Sheet.
Prepare the journal entries and post them to the T accounts as directed below.

Use the Excel file for all your work. Check your formulas.

1. 1-You are reporting for your client for the One Month period of September 30, 2020.
2. 2- Prepare the Trial Balance in the 10-column worksheet.
   1. The company started the month with Cash of $42,305; Equipment (5 year property) of $40,000; Accumulated Depreciation $4,000 (40,000/5/12 = 667 month); Accounts Payable $4,335, Capital $73,970. Verify the amounts in T accounts
   2. b- During September they had the following transactions. Prepare Journal Entries and Post to T accounts:
      1. Sales to customers on account $55,375
      2. 1- Customers paid $10,000 on their accounts
      3. 2- Company purchased 1 year of Supplies for $12,000 cash (1,000 per month)
      4. 3- Company has no Accts Payable at month end. i.e. They reduced balance to zero by paying cash.
      5. 4- Company prepaid the annual insurance premium of $12,000
      6. 5- The owner C Mason had $5,500 of draw
      7. 6-The company incurred and paid cash for the following expenses – Rent $3500, Repairs $200, Wages $3,000, Travel expenses $4200, Utilities $150,
      8. 7- Miscellaneous Expenses $750.
3. 
   
4. Prepare the following Adjustments in the 10-column Worksheet.
   1. The last week of payroll was unpaid on September 30.
      Accrue payroll and the related expenses (FICA & Medicare FICA only) of the company.
      Time and one-half are paid after 40 hours.
      Do the journal entries to accrue the payroll expense and post them to T accounts. The information is as follows:

   Employee	Hourly Rate	Hours Worked	Fed Inc Tax Withheld
   Mary	22.50	46	250
   Jim	15.00	42	175
   Hank	35.00	40	1205
   Joe	12.00	62	100
   Cindy	15.00	45	125

   3. 2. b- Do the journal entries to accrue the monthly expense for Insurance, Supplies, and Depreciation and post them to T accounts.
   4. 
      
   5. 4- Prepare Adjusted Trial Balance in the 10-column worksheet using T account balances.
   6. 5- Prepare the Income Statement in the 10-column worksheet.
   7. 6- Prepare the Balance Sheet in the 10-column worksheet.
   8. 7- Prepare the formal Income Statement.
   9. 8- Prepare the formal Statement of Owners Equity.

   9- Prepare the formal Balance Sheet.

Answer rating: 100% (QA)

1 You are reporting for your client for the One Month period of September 30 2020 Trial Balance AccountsDebitsCredits Cash42305 Equipment40000 Accumulated Depreciation4000 Accounts Payable4335 Capital... View the full answer