Required: Using EXCEL 1. Prepare the unadjusted trial balance as of March 31,2021 using the account balances from Accounting Project - Part 2. 2. Prepare the year-end adjusting entries based on the nine items provided below. Note: Make sure you update your EXCEL T-Accounts (continuation from where we ended up on Accounting Project - Part 2). Note: If you are unsure how to account for one (or more) of the nine items provided below, still make the entry. Make an educated guess based on your accounting knowledge. Write a note explaining your thought process. 3. Prepare the adjusted trial balance as of 12/31/21. 4. Submit your EXCEL file in D2L. Year-End Adjustments/Entries 1 The CFO has determined that the allowance for doubtful accounts balance should be 5% of total year sales. Total year sales were 9,825,000 Note: Jan through March $ 4,425.000 April through December 5 5.400.000 (see entry #9 below) $ 9.825,000 2 Insurance expense for the year was 100,000 Note: Prepaid Insurance should have a zero balance after adjustment #2 is posted. 3 The depreciation expense of $ 225.000 for equipment needs to be recognized. 4 The depreciation expense of $ 42,500 for building needs to be recognized. 5 The mortgage payment of $ 70,000 needs to be paid on 12/31/21. Note: The principal amount is $ 30,000 Note: The interest amount is $ 40,000 Year-End Adjustments/Entries 6 Salary expense has not been recognized from April through December Salary expense for the nine month period was Cash paid for the salaray expense during the nine month period was $ $ 490,000 490,000 7 The long-term debt payment of $ 250,000 needs to be paid on 12/31/21. Note: The principal amount is $ 75,000 Note: The interest amount is $ 175,000 8 Inventory purchases during the back half of the year totaled $ 3,000,000 As of December 31, 2021 we were provided the following information for the April through December inventory purchases. Cash paid Accounts payable remaining balance on these purchases is $ 2,600,000 $ 400,000 9 Sales from April through December were not accounted for: As of December 31, 2021 we were provided the following information for the April through December sales. Sales $ 5,400,000 Accounts Receivable $ 1,000,000 Cash received $ 4,400,000 COGS $ 2,100,000 Required: Using EXCEL 1. Prepare the unadjusted trial balance as of March 31,2021 using the account balances from Accounting Project - Part 2. 2. Prepare the year-end adjusting entries based on the nine items provided below. Note: Make sure you update your EXCEL T-Accounts (continuation from where we ended up on Accounting Project - Part 2). Note: If you are unsure how to account for one (or more) of the nine items provided below, still make the entry. Make an educated guess based on your accounting knowledge. Write a note explaining your thought process. 3. Prepare the adjusted trial balance as of 12/31/21. 4. Submit your EXCEL file in D2L. Year-End Adjustments/Entries 1 The CFO has determined that the allowance for doubtful accounts balance should be 5% of total year sales. Total year sales were 9,825,000 Note: Jan through March $ 4,425.000 April through December 5 5.400.000 (see entry #9 below) $ 9.825,000 2 Insurance expense for the year was 100,000 Note: Prepaid Insurance should have a zero balance after adjustment #2 is posted. 3 The depreciation expense of $ 225.000 for equipment needs to be recognized. 4 The depreciation expense of $ 42,500 for building needs to be recognized. 5 The mortgage payment of $ 70,000 needs to be paid on 12/31/21. Note: The principal amount is $ 30,000 Note: The interest amount is $ 40,000 Year-End Adjustments/Entries 6 Salary expense has not been recognized from April through December Salary expense for the nine month period was Cash paid for the salaray expense during the nine month period was $ $ 490,000 490,000 7 The long-term debt payment of $ 250,000 needs to be paid on 12/31/21. Note: The principal amount is $ 75,000 Note: The interest amount is $ 175,000 8 Inventory purchases during the back half of the year totaled $ 3,000,000 As of December 31, 2021 we were provided the following information for the April through December inventory purchases. Cash paid Accounts payable remaining balance on these purchases is $ 2,600,000 $ 400,000 9 Sales from April through December were not accounted for: As of December 31, 2021 we were provided the following information for the April through December sales. Sales $ 5,400,000 Accounts Receivable $ 1,000,000 Cash received $ 4,400,000 COGS $ 2,100,000