1. On the "AJE 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, exactly as presented. Prepare journal entries and financial statements for the year ended December 31, 2019. No adjusting entries have been made since December 31, 2018. a. Grizzlies, Inc. borrowed money by issuing a nine-month, $16,000, 5.0% note on October 1, 2019 with interest and principal to be paid on maturity. b. On November 1, 2019, 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 $5,200 of shop supplies during the year by increasing the Shop Supplies account. A physical count of the shop supplies on December 31, 2019, shows $2,500 in shop supplies on hand. d. Store supplies totaling $14,500 were purchased during the year and were immediately expensed. A physical count of the store supplies on hand December 31, 2019, indicates a balance of $2,400. e. On April 1, 2019, Grizzlies, Inc. purchased a 24-month insurance policy for $12,600, 1. On July 1, 2019, Grizzlies, Inc. collected $14,000 for consulting services to be performed from July 1, 2019 to February 28, 2020. The company credited the Unearned Consulting Revenue account when paid. 9. Grizzlies, Inc. rented idle office space to Squirrels, Inc, on February 1, 2019, at a rate of $1.400 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 $3,600. Employees are paid overy Friday Assume December 31 is a Wednesday. The payroll is allocated as follows: 20% of the payroll relates to office employees, and the balance relates to salos employees i. Depreciation for store equipment has been calculated to be $1,100 per month ]. Depreciation for office equipment has been calculated to be $700 per month 1. Depreciation for office equipment has been calculated to be $700 per month K. Utilities expenses of $1,300 were incurred, but not yet recorded. Utilities expense is allocated as follows: 15% relates to the office and the balance relates to the store. 2. After the above adjusting journal entries are entered on the "AJE" worksheet, the amounts should be linked to the adjustments column of the worksheet tab. Your adjustment amounts on the worksheet should be a cell reference so if you change the debit or credit amount on the 'AJE' worksheet, the adjustments column amount will automatically change. Aside from the Unadjusted Trial Balance columns on the worksheet, the "AJE worksheet should be the only worksheet containing manually entered numbers. Formulas or cel references must be used in the rest of the workbook when a numerical amount is needed. THERE 3. Complete the adjusted trial balance columns on the worksheet using only formulas. The adjusted trial balance columns of the worksheet should not contain manually entered numbers, only formulas or cel references. Points will be awarded for the efficient use of formulas. 4. Complete the income statement and balance sheet columns in the worksheet. Again, these columns should not contain manually entered numbers, only formulas or cell references. Points will be awarded for the efficient use of formulas. 5. Prepare a multi-step income statement on the "S" workshoot. The income statement should be in good form (proper titles, etc., USO examples from your book for guidanco) and properly formatted. All cels containing numbers should be formula driven, not manually entered numbers. The income statement should be linked to the adjusted numbers on the worksheet. 6. Prepare a retained earnings statement on the "RE" worksheet in good form. Again, all numbers should be cel references or formulas, not manually entered 7. Prepare a classified balance sheet as of December 31, 2019 on the "BS" Worksheet in good form. Again, al numbers should be col references or formulas, not manually entered. 8. On the "CJE" worksheet, prepare the closing entries in good form for Grizzles, Inc. at the end of December 31 Assignment AJE W S RE BS CJE CJE Grade Sheet + st Data Review View AutoSaver @Est Home Insert Draw Page Layout Formulas Arial 10A A BIU A Q7 x fx = = Wrap Merge FPQRS Version Red 5 points for each correct antry Grizzlies, Inc. Adjusting Journal Entries For the Year Ended December 31, 2019 Account Title Dr. Cr. Interest Expense 200 Interest Payable 200 1,200 b. Rent Expense Prepaid Rent 1,200 2.700 Shop Supplies Expense Shop Supplies 2,700 d. Store Supplies Expense Store Supplies 12.100 12.100 e 4.725 Insurance Expense Prepaid Insurance 4,725 - Uneamed Consulting Revenue Consuting Revenue 10.500 10.500 9. Uneamed Rent Revenue Rent Revenue 15.400 15,400 h Office Sales Expense Sales Sales Expense Salarios Payable 1.440 5.760 7.200 Depreciation Expense Acumulated Depreciation Store Equipment 13.200 5.200 Depreciation Expense Acoumulated Depreciation Office Equipment 0.400 Office Utes Expense Stores Expense Uits Payable 195 AJE IS os CJE ve E U . 2 Student Version RED W20 rev 2020 02 18 (1) Insert Data Review View Draw Page Layout Formulas Arial 10 A A BIO-A v fx wrap To Merge & Center Custom S % , 9 x Conditional fo Formatting as Grizzlies Inc Trial Balance 35,000 242.00 Prepaid Rent Store Supplies Shop Spolet Acred Deprecation-Som mest Ore Equipment Depreciation Office Equipment 32,000 Unimed Goreng Revenue und Monta No Payable Revenue Grade MacBook Air