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Comprehensive Properties All work must be completed using this Excel spreadsheet Al journal entries francial statements, et must be prepared in dean, proper form. Reference your textbook and past courses for examples or templates to model Uue the current year for din purpose This project is W ed 120 points. The grading rubricis valable on the last sheet labeled "Grading brie Wformation on using Diecel can be found in the Del Notes section below. Please be aware, pots are located for the we of Bacele rubrie) Click on the tabs at the bottom of the bottom to familiarize yourself with the project. Chick figures we provided for 3 key items to help ensure you are on the correct track EXCEL NOTES Use citon your journal entries and financial statements. This paper and reduces the hood of errors There is a video valable in a board to guide you on using celand navigating the project Also be sure to the vantage of Excel by using formulas to calculate groups of numbers. * DO NOT force ry cells to match check figures given. Ar t ments in the Accounts or financial statements not supported by intimate ting or closing entries will be considered financial statement representation, suficienta result in a falling grade Use the format button to de dolari, underlining and double underlining when orrate DO NOT dotaris on every lines will cost you points REQUIREMENTS Part 1 Post the Unajusted Trial Balance totals to the accounts on the sheet weled Accounts. These numbers will present your beginning balances Part 2 Record the ting journal entre required forms AND post them to the account Add or extend lines on an Accounts if necessary SRSR Part Prepare d Trial Balance for Gatsby, in the updated Account M ed the fire Part & Proper ingredformfinancial statements on each specified sheet in the following order: Step Income Statement and prepare a bar or pie chart for a visual representation of expenses Statement of Stockholders' Equity Classified Balance Sheet Total Amets check Parts Ung the financ emen t the sto r ies on the specified or interpret them for at in worn Catal Current Ratio Quick Add Test de tout Part Record s Part 7 Pere Post Cloung AND them to the account Balance in the date accounts Project Instructions Unadjusted Trial Balance Adjusting Journal Entries Accounts Adjusted Trial Balance income Statement Staten Credit 40,000 8,000 160,500 Gatsby, Inc. Unadjusted Trial Balance 12/31/XX Debit Cash 121,550 Accounts Receivable 236,000 Prepaid Insurance 24,000 8 Supplies 4,500 9 Inventory 85,000 LO Land 75,000 11 Building 200,000 12 Accumlated Depreciation-Building 13 Equipment 160,000 14 Accumlated Depreciation- Equipment 15 Accounts Payable 16 Interest Payable 17 Wages Payable 18 Unearned Revenue - Alarm Systems 19 Long-Term Bank Note Payable 20 Common Stock 21 Retained Earnings 22 Dividends 7,000 23 Revenue 24 Cost of the Goods Sold 132,500 25 Depreciation Expense 26 Insurance Expense 15,000 27 Interest Expense 28 Rent Expense 24,000 29 Supplies Expense 30 Utilities Expense 9,700 31 Wage Expense 125,000 32 Totals $1.219.250 33 24 45,000 150,000 310,000 124,750 381,000 $1,219.250 PREPARE (in proper form) ADJUSTING JOURNAL A B C D E F G Information to prepare adjusting journal entries 2 The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. The company's weekly payroll is $3,000 and is paid each Friday for a five day work week. Assume December 31st falls on a Tuesday, but the employees will not be paid their wages untFriday, January 3rd. Wages Expense Wages Payable Eighteen months earlier, on July 1st the company purchased equipment that con $160,000. Its useful life is predicted to ten years, at which time the equipment is expected to have a vero salvage/residual value. Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year Depreciation Expense Accumulated depreciation Equipment Uneamed Revenue Alarms account On September 1st of the current year Gatsby, Inc. was paid $45.000 in advance of future installation of alarm system 3 new homes. The amount was credited to the Uneared Revenue - Alarms account, Between September 1st and December 31, alarmystems were installed in 2 homes, completing those jobs. On October ist of the current year the company purchased a 12 month insurance policy for $24000. The transaction was recorded with a debit to the Prepaid urance account. Insurance expense has not been recorded for October, November or December On December 30 of the current year the company completed an 529,000 job that has not been billed/invoiced and therefore has not been recorded A $150,000 long term note payable was signed on July 1st of the current year. It is a five-year note with a 5 interest rate. Interest expense as not been accrued for this year. Supplies at the beginning of the current year had a balance of $ 200. Supplies valued at $4,200 were purchased thoughout the year. The current balance in the account is $200 Depreciation on the building is calculated using the straight-line depreciation method, Gatsby estimates depreciation on the building over a 20 year period and arero salvape/residual value