Students $-$ For this application assignment, you are going to complete a Worksheet, Income Statement, Statement of Retained Earnings, and Balance Sheet. You are to use the worksheet to prepare the adjusting entries, statement information, closing entries, and post$-$closing trial balance. Use cell references, formulas, and summation functions where applicable and appropriate. Specific instructions are outlined below. Instructions: $1.$KJW has a fiscal year end of June $30.$ Journalize the following adjusting entries for $6/30/20$ in the Journal and then transfer to the worksheet in the appropriate Adjusting Entries column. $($provide descriptions of the entries for a complete journal entry$)$ Keep everyting in whole dollars. a$)$The company estimates uncollectible accounts using the $\text{'}\%$ of receivables' allowance method. As of June $30$th$,$ the company estimates that $3\mathrm{.}5\%$ of the accounts receivable balance is uncollectible. $($HINT: Be sure to account for what is already in the Allowance account$)$ b$)$Supplies on hand are determined to be $ $1,400$ c$)60\%$ of the Prepaid Insurance balance has expired as of June $30.$ d$)$The Prepaid Rent balance represents $6$ months of rent expense. Those months include March through August $2020.$ Adjust accordingly for June $30.$ e$)$ Depreciation of assets is recognized as follows for the year end: Buildings $-$ $$6,100$ Equipment $-$ $$7,500$ f$)$Invoices for utilities expenses of $$895$ have been received related to June. g$)$ Employees working the last $4$ business days of June will be paid in July. The daily expense for employee wages is $$1,370.($Ignore payroll tax expenses$)$ h$)40\%$ of the unearned revenue has been earned as of June $30.$ i$)$The interest rate on the Mortgage Payable is $5\mathrm{.}8\%.$ Interest expense was last updated $12/31/19.2.$Update the Adjusted Trial Balance columns in the worksheet. Make sure you carry the correct debit$/$credit columns across. Use references and formulas to create the adjusted balances. $3.$Carry over the applicable balances to the Income Statement and Balance Sheet columns. Remember the difference in debits$/$credits will be the Net Income $-$ which should be added to the bottom of the worksheet columns for each. $4.$Use the other provided blank worksheets to prepare, in proper format, the Income Statement, Statement of Retained Earnings, and classified Balance Sheet for the period ending. Formatting and labeling should be appropriate, consistent, and user$-$friendly. $($USE Spellcheck for each worksheet$)$ Please refer to examples in the book if you question titles and classifications. $**$Note that $$7,000$ of the Mortgage Payable is due December $1,2020.5.$Write up the closing journal entries in the Journal and transfer to the Worksheet. Remember, all temporary accounts are closed during this process. There are four journal entries involved. $6.$Carry over the balances, after closing entries, to the Post Closing Trial Balance on the worksheet. Only permanent accounts should have balances. Complete these requirements and rename the application file as directed. Attach the completed file to the assignment link in Blackboard by the due date provided in Blackboard. CHECK FIGURES: Total debit$/$credit amount for adjusting journal entries $74,503$Adjusted Trial Balance debit$/$credit total $1,084,003$Net Income $134,847$Total Assets on the Balance Sheet $724,530$