3. Eight-column work sheet. (PLEASE COMPLETE IN SPREADSHEETi.e. MS Excel) The trial balance of Winsor Corporation is reproduced on the following page. The information below is relevant to the preparation of adjusting entries needed to both properly match revenues and expenses for the period and reflect the proper balances in the real and nominal accounts Instructions As the accountant for Winsor Corporation, you are to prepare adjusting entries based on the following data, entering the adjustments on the work sheet and completing the additional columns with respect to the income statement and balance sheet. Carefully key your adjustments and label all items. (Due to time constraints, an adjusted trial balance is not required.) Round all computations to the nearest dollar (a) Winsor determined that one percent of sales will become uncollectible (b) Depreciation is computed using the straight-line method, with a ten-year life and $5,000 salvage value (c) Salesmen are paid commissions of 15% of sales. Commissions on sales for December have not been paid (d) The note was issued on October 1, bearing interest at 8%, due Feb. 1, 2018 (e) A physical inventory of supplies indicated $440 of supplies currently in stock. (f) Provisions of a lease contract specify payments must be made one month in advance, with monthly payments at $800/mo. This provision has been complied with as of Dec. 31,2017. Winsor Corporation Work Sheet For the Year Ended December 31, 2017 Trial_Balance Adjustments Income Statement Balance Sheet Accounts Cash Equity Invest Accounts Rec Allow. for D. A Inventory Supplies Equipment Accum. Depr.-Equip Accounts Payable Notes Payable Common Stock Ret. Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Exp Sales Comm. Exp Rent Expense Misc. Expense 12,400 14,050 30,000 420 16,800 1,040 65,000 9,500 4,400 10,000 40,000 29,690 360,000 245,520 20,800 39,000 7,200 2.200 Totals 454.010 454,010 3. Eight-column work sheet. (PLEASE COMPLETE IN SPREADSHEETi.e. MS Excel) The trial balance of Winsor Corporation is reproduced on the following page. The information below is relevant to the preparation of adjusting entries needed to both properly match revenues and expenses for the period and reflect the proper balances in the real and nominal accounts Instructions As the accountant for Winsor Corporation, you are to prepare adjusting entries based on the following data, entering the adjustments on the work sheet and completing the additional columns with respect to the income statement and balance sheet. Carefully key your adjustments and label all items. (Due to time constraints, an adjusted trial balance is not required.) Round all computations to the nearest dollar (a) Winsor determined that one percent of sales will become uncollectible (b) Depreciation is computed using the straight-line method, with a ten-year life and $5,000 salvage value (c) Salesmen are paid commissions of 15% of sales. Commissions on sales for December have not been paid (d) The note was issued on October 1, bearing interest at 8%, due Feb. 1, 2018 (e) A physical inventory of supplies indicated $440 of supplies currently in stock. (f) Provisions of a lease contract specify payments must be made one month in advance, with monthly payments at $800/mo. This provision has been complied with as of Dec. 31,2017. Winsor Corporation Work Sheet For the Year Ended December 31, 2017 Trial_Balance Adjustments Income Statement Balance Sheet Accounts Cash Equity Invest Accounts Rec Allow. for D. A Inventory Supplies Equipment Accum. Depr.-Equip Accounts Payable Notes Payable Common Stock Ret. Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Exp Sales Comm. Exp Rent Expense Misc. Expense 12,400 14,050 30,000 420 16,800 1,040 65,000 9,500 4,400 10,000 40,000 29,690 360,000 245,520 20,800 39,000 7,200 2.200 Totals 454.010 454,010