Using the above image please prepare the following:

- Adjusting Journal Entries

-Prepare the Adjusted Trial Balance

-Prepare the Income Statement (Revenue, Expenses, Total Expenses, Net Income Before Tax and Net income After Tax)

-Prepare the Statement of Retained Earnings (Adjusted Trial Balance is your reference).

-Prepare Closing Journal Entry

-Prepare the Post-Closing Trial balance.

Using the spreadsheet, Post the following to T-accounts in the attached spreadsheet, balances from the Unadjusted Trial Balance of Daily Drive ins at December 31 and adjusting journal entries prepared in Week 6.A Quiz

Using the above image, please prepare a balance sheet (use trial balance as your reference to complete it).

Required: 1. Use the notes to determine and record adjusting catries needed on December 31 for (a) supplies used up, (b) iasunance costs, (c) using up the car's benefits, (d) salaries not yer accounted for, and (e) income taves for the year. 2. Post the adjusting entries from requirement I to T-accounts to determine new adjusted balances, and prepare an adjusted trial balance. (If you are completing this exercise using the general ledger tool in Connect, this requirement will be completed automatically for you.) 3. Using the adjucted balances from requirement 2, prepare an income statement, statement of retained earnings, and classified balance sheet. SALARIES AND WAGES PAYABLE SALARIES AND WAGES EXPENSE INCOME TAX EXPENSE \begin{tabular}{|r|l} \multicolumn{2}{c}{ Example No. 1 } \\ \hline 500 & \\ \hline 500 & \\ \hline & \\ \hline \end{tabular} PREPAID INSURANCE \begin{tabular}{r|r} \multicolumn{2}{c|}{ Example No. 2 } \\ \hline 300 & 100 \\ \hline 300 & 100 \\ \hline 200 & \\ \hline \end{tabular} INSURANCE EXPENSE Example No. 3 \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Example No.3 } \\ \hline 700 & 700 \\ \hline 700 & 700 \\ \hline & \\ \hline \end{tabular} ACCUM DEPRN Example No. 4 \begin{tabular}{|r|r|} \hline 200 & \\ \hline 200 & \\ \hline 1,000 & \\ \hline & \\ \hline \end{tabular} A DAILY DRIVER, INC. BALANCE SHEET AS OF DECEMBER 31