4 Excalibur Corporation sells video games for personal computers The unadjusted trial balance as of December 31, 2021, appears below December 31 is the companys reporting year end The company uses the perpetual inventory system Account Title Debits Credits Cash 72,505 Accounts receivable 25,500 Supplies 0 Prepaid rent 0 Inventory 61,500 Office equipment 77,000 Accumulated depreciation 10,010 Accounts payable 32,100 Salaries payable 4,200 Notes payable 30,300 Common stock 105,000 Retained earnings 18,050 Dividends 7,875 Sales revenue 240,000 Cost of goods sold 125,000 Interest expense 0 Salaries expense 46,750 Rent expense 15,800 Supplies expense 2,080 Utility expense 5,650 Totals 439,660 439,660 Information necessary to prepare the year end adjusting entries appears below The office equipment was purchased in 2019 and is being depreciated using the straight line method over an eight year useful life with no salvage value Accrued salaries at year end should be $6,300 The company borrowed $30,300 on September 1, 2021 The principal is due to be repaid in 10 years Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10 The company debits supplies expense when supplies are purchased Supplies on hand at year end cost $520 Prepaid rent at year end should be $1,150 1 Complete the worksheet below for 2021 2 Prepare income statement, balance sheet, and statement of shareholder equity for 2021 3 Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts Complete the worksheet below Account Title Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash $72,505 Accounts receivable 25,500 Supplies Prepaid rent Inventory 61,500 Office equipment 77,000 Accumulated depreciation $10,010 Accounts payable 32,100 Salaries payable 4,200 Notes payable 30,300 Interest payable 0 Common stock 105,000 Retained earnings 18,050 Dividends 7,875 Sales revenue 240,000 Cost of goods sold 125,000 Interest expense Salaries expense 46,750 Rent expense 15,800 Supplies expense 2,080 Utilities Expense 5,650 Depreciation expense $0 $0 $0 $0 Net income Totals $439,660 $439,660 $0 $0 $0 $0 $0 $0 $0 $0

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4.Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the companys reporting

4.Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the companys reporting year-end. The company uses the perpetual inventory system.

Account Title	Debits	Credits
Cash	72,505
Accounts receivable	25,500
Supplies	0
Prepaid rent	0
Inventory	61,500
Office equipment	77,000
Accumulated depreciation		10,010
Accounts payable		32,100
Salaries payable		4,200
Notes payable		30,300
Common stock		105,000
Retained earnings		18,050
Dividends	7,875
Sales revenue		240,000
Cost of goods sold	125,000
Interest expense	0
Salaries expense	46,750
Rent expense	15,800
Supplies expense	2,080
Utility expense	5,650
Totals	439,660	439,660

Information necessary to prepare the year-end adjusting entries appears below.

The office equipment was purchased in 2019 and is being depreciated using the straight-line method over an eight-year useful life with no salvage value.
Accrued salaries at year-end should be $6,300.
The company borrowed $30,300 on September 1, 2021. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%.
The company debits supplies expense when supplies are purchased. Supplies on hand at year-end cost $520.
Prepaid rent at year-end should be $1,150.

1. Complete the worksheet below for 2021 2. Prepare income statement, balance sheet, and statement of shareholder equity for 2021 3.Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts.

Complete the worksheet below.

Account Title	Unadjusted Trial Balance		Adjusting Entries		Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	$72,505
Accounts receivable	25,500
Supplies
Prepaid rent
Inventory	61,500
Office equipment	77,000
Accumulated depreciation		$10,010
Accounts payable		32,100
Salaries payable		4,200
Notes payable		30,300
Interest payable		0
Common stock		105,000
Retained earnings		18,050
Dividends	7,875
Sales revenue		240,000
Cost of goods sold	125,000
Interest expense
Salaries expense	46,750
Rent expense	15,800
Supplies expense	2,080
Utilities Expense	5,650
Depreciation expense
							$0	$0	$0	$0
Net income
Totals	$439,660	$439,660	$0	$0	$0	$0	$0	$0	$0	$0