4 B E F G H K 1 This assignment is to be done individually. 3 4 5 2 The trial balances before and after adjustment for Lane Company at October 31, 2021, which is the end of its fiscal year, can be found on the TB tab. 6 7 8 3 Using the blue debit and credit columns (TB tab), enter the adjustments that would have been made to the accounts. 9 10 11 12 13 14 15 16 17 18 19 4 The blue item number column (TB tab) contains the number that correspond to the journal entries on the JE tab. 5 On the JEtab, prepare the adjusting entries that were made. Next to each entry, define the type of adjusting entry by selecting the appropriate type from the drop-down list. 6. Using the data on the TB tab, prepare the income statement as found on the Fin Stmts tab. 7 Using the data on the TB tab, prepare the statement of owner's equity as found on the Fin Stmts tab. The owner did not make any investments during the year. 8 Using the data on the TB tab, prepare the balance sheet as found on the Fin Stmts tab. Note that the company will make equal annual principal payments over the life of this 6 year 6% note. Both Interest and principal payments are made on October 1 of each year. 20 21 22 23 24 25 . C D E F G H 1 E3-15 Adjusted Lane Company 2 3 Account Name Unadjusted Trial Balance at October 31, 2021 Adjusted Trial Balance for October 31, 2021 4 Adjustments Made 5 6 Credit Item # Debit Credit Credit Debit 24,300 10.800 8 Debit 24,300 12.750 840 1,600 90.720 1 2 3 9 10 11 90.720 4 15,120 7.400 60,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated depreciation- Equipment Accounts Payable Notes Payable Salaries Payable Interest Payable Unearned Service Revenue E. Lane, capital E.Lane, drawings Service Revenue Depreciation expense Insurance expense Interest expense Rent expense Salaries expense Supplies expense Totals 5 6 7 30,240 7,400 60,000 2,200 300 1,100 14,960 14,960 8,000 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 8,000 158, 740 159,590 4,800 3,300 36,000 74,200 4,100 256,220 15,120 3,200 3,600 36,000 76,400 3,260 275,790 256,220 275,790 1. Do not add any rows or columns to this sheet 2. Start journal entry next to date and item number 3. Select account name from drop down list provided 4. You do not need to include descriptions or calculations 5. Select from the drop down menu the type of adjusting entry in the type column B D E F 1 Journal Entries 2 3 Date General Journal Account Description Item # Dr Cr 4 5 Type 6 31-Oct-21 1 7 8 9 31-Oct-21 2 10 11 12 31-Oct-21 3 13 14 15 31-Oct-21 4 16 17 18 31-Oct-21 5 19 20 31-Oct-21 6 21 22 23 31-Oct-21 7 24 25 26