1. Make all 16 adjustments on the "Adjusting Journal Entries" tab. Remember to include a desemption vader each jouma entey 2. Post the adjustments to the general ledger on the "12-31-14 T-Account tab. You may have to add T-Accounts for new accounts, Link your T-Account entries to your Journal Entries. PLEASE NOTE THAT THE "BB" BEGINNING BALANCES FOR THE T-ACCOUNTS REPRESENT THE UNADJUSTED BALANCES AS OF 12/31/14, 3. Once the 12/31/14 T-Accounts are complete, prepare the Adjunted Toal Baluace. There may be some secounts with zero dollars, and you may have to insect lines for new accounts (some blank T-Accounts have already been provided for you). Link the Adjusted Tail Balance to you. T-Accounts, 4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows. For purposes of the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Uncealized Holling Grins/Lome, Interest Expense, Interest Revente, and any other Gains/Lones are NOT part of the major central ongoing operations of the company Link your financial statements to you Adjusted Trial Balance, Use the Income Statement and Balance Sheet to finish the partially completed Statement of Cash Flow. Since this is ABC's first year of operations, several line items on the Statement of Cash Flows have already been supplied to you If necessary, review financial statement preparation in Chapters 4 and 5 of your textbook for a quick refresher. Plan on using your knowledge gained in completing Chapter 21 to help with the preparation of the Statement of Cash Flows. Additionally, since this is ABC Corporation's first year of operations the adjusted trial balance for all current assets and liabilities represents the change during the year for Statement of Cash Flows analysis purposes. 5. When the Financial Statements are complete, make the closing entries on the "Closing Entries" tab being mindful of the two closing entries you've leamed. 6. When closing entries have been made, post the entries to the general ledger on the "Post-Close T-Accounts" tab. Make muce you adjusting joumal entries we also posted on your Post-Close T-Accounts. They will not automatically flow from tab-to-tab. Suggestion: As an altenative, after you've finished posting your adjusting journal entries to the accounts in the "12-31-14 T Accounts" tab, make a duplicate of this worksheet to use for posting you closing eatnes and then just relabel the tab as "Post-Close T-Accounts." Just be sue to delete the original "Post-Close T-Accounts" tab alteady in the workbook before you do this since you can't have two worksheets with the same name 7. The final step is the Port-Closing Trial Balance, which will use the ending balances from the 12/31/14 T-Accounts after posting you cloning entries. Double han alam Instructions Unadjusted Trial Balance Adjustments Needed Adjusting Journal Entries 12-31-14 T-Accounts (GL) Adjusted Trial Bala 5 C. Credit $ Debit 975,232 167,000 190,300 $ 6 Cash 7 Short term investments 8 Fair value adjustment (Trading) 9 Accounts receivable 10 Allowance for doubtful accounts 11 Inventory 12 Purchases 13 Prepaid insurance 14 LT Debt) investments HTM 15 Land 16 Building 17 Accumulated depreciation building 18 Equipment 19 Accumulated depreciation: equipment 20 Patent 21 Accounts payable 22 Notes payable 23 Income taxes payable 24 Uneamed cent revenue 5 Bonds Payable 350,000 24,600 177,824 75,000 150,000 4,000 60,000 20,000 37,500 75,240 235,000 63,800 36,000 800,000 D 1 Instructions Unadjusted Trial Balance Adjustments Neede 5 Type here to search 800,000 61,771 86,000 13,000 49,000 41,000 1,192,945 5 Bonds Payable Premium on Bonds Payable Common stock PIC In Excess of Par-Common Stock Retained earnings Treasury stock Dividends Sales Revenue Advertising expense Wages expense Office expense Amortization expense Depreciation expense tilities expense nsurance expense ancome taxes expense 8,400 67,600 21,700 24,000 31,000 73,800 63,800 $ 2,587,756 $ 2,587,756 Instructions Unadjusted Trial Balance Adjustments Neede 1. Make all 16 adjustments on the "Adjusting Journal Entries" tab. Remember to include a desemption vader each jouma entey 2. Post the adjustments to the general ledger on the "12-31-14 T-Account tab. You may have to add T-Accounts for new accounts, Link your T-Account entries to your Journal Entries. PLEASE NOTE THAT THE "BB" BEGINNING BALANCES FOR THE T-ACCOUNTS REPRESENT THE UNADJUSTED BALANCES AS OF 12/31/14, 3. Once the 12/31/14 T-Accounts are complete, prepare the Adjunted Toal Baluace. There may be some secounts with zero dollars, and you may have to insect lines for new accounts (some blank T-Accounts have already been provided for you). Link the Adjusted Tail Balance to you. T-Accounts, 4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows. For purposes of the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Uncealized Holling Grins/Lome, Interest Expense, Interest Revente, and any other Gains/Lones are NOT part of the major central ongoing operations of the company Link your financial statements to you Adjusted Trial Balance, Use the Income Statement and Balance Sheet to finish the partially completed Statement of Cash Flow. Since this is ABC's first year of operations, several line items on the Statement of Cash Flows have already been supplied to you If necessary, review financial statement preparation in Chapters 4 and 5 of your textbook for a quick refresher. Plan on using your knowledge gained in completing Chapter 21 to help with the preparation of the Statement of Cash Flows. Additionally, since this is ABC Corporation's first year of operations the adjusted trial balance for all current assets and liabilities represents the change during the year for Statement of Cash Flows analysis purposes. 5. When the Financial Statements are complete, make the closing entries on the "Closing Entries" tab being mindful of the two closing entries you've leamed. 6. When closing entries have been made, post the entries to the general ledger on the "Post-Close T-Accounts" tab. Make muce you adjusting joumal entries we also posted on your Post-Close T-Accounts. They will not automatically flow from tab-to-tab. Suggestion: As an altenative, after you've finished posting your adjusting journal entries to the accounts in the "12-31-14 T Accounts" tab, make a duplicate of this worksheet to use for posting you closing eatnes and then just relabel the tab as "Post-Close T-Accounts." Just be sue to delete the original "Post-Close T-Accounts" tab alteady in the workbook before you do this since you can't have two worksheets with the same name 7. The final step is the Port-Closing Trial Balance, which will use the ending balances from the 12/31/14 T-Accounts after posting you cloning entries. Double han alam Instructions Unadjusted Trial Balance Adjustments Needed Adjusting Journal Entries 12-31-14 T-Accounts (GL) Adjusted Trial Bala 5 C. Credit $ Debit 975,232 167,000 190,300 $ 6 Cash 7 Short term investments 8 Fair value adjustment (Trading) 9 Accounts receivable 10 Allowance for doubtful accounts 11 Inventory 12 Purchases 13 Prepaid insurance 14 LT Debt) investments HTM 15 Land 16 Building 17 Accumulated depreciation building 18 Equipment 19 Accumulated depreciation: equipment 20 Patent 21 Accounts payable 22 Notes payable 23 Income taxes payable 24 Uneamed cent revenue 5 Bonds Payable 350,000 24,600 177,824 75,000 150,000 4,000 60,000 20,000 37,500 75,240 235,000 63,800 36,000 800,000 D 1 Instructions Unadjusted Trial Balance Adjustments Neede 5 Type here to search 800,000 61,771 86,000 13,000 49,000 41,000 1,192,945 5 Bonds Payable Premium on Bonds Payable Common stock PIC In Excess of Par-Common Stock Retained earnings Treasury stock Dividends Sales Revenue Advertising expense Wages expense Office expense Amortization expense Depreciation expense tilities expense nsurance expense ancome taxes expense 8,400 67,600 21,700 24,000 31,000 73,800 63,800 $ 2,587,756 $ 2,587,756 Instructions Unadjusted Trial Balance Adjustments Neede