Using the information given in ACR6, complete the entire accounting cycle in an excel spreadsheet. You should have a separate tab for each of the following:

Journal Entries- All journal entries should be on the same tab- regular, adjusting, & closing

General Ledger

Trial Balances- All three should be on the same tab

Income Statement

Retained Earnings Statement

Balance Sheet

Computation of COGS and Ending Inventory Using LIFO

Computation of COGS and Ending Inventory Using FIFO

COMPREHENSIVE ACCOUNTING CYCLE | REVIEW ACR6 On December 1, 2017, Waylon Company had the account balances shown below. Debit Credit Cash $4,800 Accumulated DepreciationEquipment $1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000 $31,500 $31,500 * ( 3,000 $ 0.60 ) (3,000$0.60) The following transactions occurred during December. Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit. 5 Sold 4,400 units of inventory on account for $0.90 per unit. (Waylon sold 3,000 of the $0.60 units and 1,400 of the $0.72.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $144. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.80 each. 22 Sold 2,000 units of inventory on account for $0.95 per unit. (Waylon sold 2,000 of the $0.72 units.) Adjustment data: Accrued salaries and wages payable $400. Depreciation on equipment $200 per month. Income tax expense was $215, to be paid next year. Instructions (a) Journalize the December transactions and adjusting entries, assuming Waylon uses the perpetual inventory method. (b) Enter the December 1 balances in the ledger Taccounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Income Taxes Payable, Salaries and Wages Payable, Sales Revenue, Sales Returns and Allowances, Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, and Income Tax Expense. (c) Prepare an adjusted trial balance as of December 31, 2017. (d) Prepare an income statement for December 2017 and a classified balance sheet at December 31, 2017. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Waylon Company uses the periodic inventory system. (f) Compute ending inventory and cost of goods sold under LIFO, assuming Waylon Company uses the periodic inventory system.