1. On the Adj JEs worksheet, prepare the adjusting journal entries in good form for the following items. Identify each entry by letter in Column B. Round all answers to the nearest dollar. You may omit explanations. Leave a blank row between each journal entry. All the accounts you need are given on the worksheet. Use only these accounts. Prepare journal entries and financial statements for the year ended December 31, 2016. No adjusting entries have been made since December 31, 2015.

a. Grizzlies, Inc. borrowed money by issuing a nine-month, $20,000, 6.0% note on October 1, 2016 with interest and principal to be paid on maturity.

b. On November 1, 2016, Grizzlies, Inc. rented storage space at a cost of $600 per month. On that date Grizzlies, Inc. recorded Prepaid Rent for five months rent paid in advance.

c. Grizzlies, Inc. recorded the purchase of $7,000 worth of shop supplies during the year by increasing the Shop Supplies account. A physical count of the shop supplies on hand on December 31, 2016, indicates a balance of $3,600.

d. Store supplies totaling $14,800 were purchased during the year and were immediately expensed. A physical count of the store supplies on hand December 31, 2016, indicates a balance of $2,300.

e. On April 1, 2016, Grizzlies, Inc. purchased a 24-month insurance policy for $14,000.

f. On July 1, 2016, Grizzlies, Inc. collected $15,000 for consulting services to be performed from July 1, 2016 to February 28, 2017. The company credited the Unearned Consulting Revenue account when paid.

g. Grizzlies, Inc. rented idle office space to Squirrels, Inc. on February 1, 2016, at a rate of $1,200 per month. On this date Grizzlies, Inc. credited Unearned Rent Revenue for one year of rent received in advance.

h. Grizzlies, Inc. is open five days a week and has a daily payroll of $3,400. Employees are paid every Friday. Assume December 31 is a Wednesday. The payroll is allocated as follows: 26% of the payroll relates to office employees, and the balance relates to sales employees.

i. Depreciation for store equipment has been calculated to be $1,800 per month.

j. Depreciation for office equipment has been calculated to be $800 per month.

k. Utilities expenses of $1,300 were incurred, but not yet recorded. Utilities expense is allocated as follows: 11% relates to the office and the balance relates to the store.

Excel:

Account Title

Trial Balance

Adjustments

Trial Balance

Income Stmt

Balance Sheet

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

36,000

36,000

Accounts Receivable

277,000

277,000

Inventory

242,500

Prepaid Insurance

14,000

Prepaid Rent

3,000

Store Supplies

-

2,300

Shop Supplies

7,000

Store Equipment

120,000

Accumulated Depreciation - Store Equipment

18,000

21,600

Office Equipment

32,000

Accumulated Depreciation - Office Equipment

2,400

Accounts Payable

49,000

9,600

Salaries Payable

Interest Payable

Utilities Payable

Unearned Consulting Revenue

15,000

Unearned Rent Revenue

14,400

Note Payable

20,000

Common Stock

300,000

Retained Earnings

189,350

Dividends

10,500

Sales Revenue

1,570,900

Consulting Revenue

Rent Revenue

Interest Revenue

Cost of Goods Sold

975,000

Sales Salaries Expense

275,000

Office Salaries Expense

150,000

Miscellaneous Administrative Expense

5,650

Miscellaneous Selling Expense

13,900

Depreciation Expense - Store Equipment

21,600

Depreciation Expense - Office Equipment

9,600

Store Supplies Expense

17,500

2,300

Shop Supplies Expense

Rent Expense

Insurance Expense

Interest Expense

Utilities Expense-Store

Utilities Expense-Office

2,179,050

2,179,050

Net Income

Also need ::::!!!!!Adjusting Journal Entries, Income Stmt, Re stmt, Bal Sheet, Close Je's!!!!!