2. Prepare formal adjusting journal entries (KEEP T-accounts uo to date)

3. Complete the trial balance

4. Prepare the formal Income Statement

5. Prepare the formal Balance Sheet

6. Prepare formal closing journal entries (KEEP T-accounts up to date)

7. Prepare a post-closing trial balance.

Additional Information for adjustments (i.e., Adjusting Journal Entries): a. Expired insurance, $3000. b. Unused supplies, per 12/31 inventory, $800. c. Estimated depreciation, $10,000, (this a DR to Dopreciation Expense and a CR to Accum. Depreciation COMPLETED d. Your employees earned $700 in salaries but you haven't paid them yet e. By December 31 Burt has earned $2,500 of the prepayment (i.e., Unearned Revenue) received on December 1 f. Burt withdraw $4,000 cash for a new computer for his personal use