ACCOUNTING This is 3 part assignment; part 1 and part 2 were answered by chegg [they can be referred]. Part 3 is due now. This is continuation assignment; thus, I am posting solved part 1 and part 2 as well with references.

I was not able to post part 1 and part 2 due to size limitations. Part 1 Note: Part 1 was answered by Anonymous [Chegg ] on 10/Jan/2021

Part 2 Note: Part 2 was answered by Tushar Bait [Chegg] on 16/Jan/2021

Part 3 Mrs L had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mrs L prepared the adjusted trial balance seen here.

Adjusted Trial Balance December 31, 2019

Debit Credit

Cash $1,180

Accounts Receivable 875

Supplies 350

Prepaid Insurance 1,210

Equipment 1,200

Accumulated Depreciation-

Equipment $40

Accounts Payable 75

Salaries and Wages Payable 56

Interest Payable 15

Unearned Service Revenue 300

Notes Payable 2,000

Owner's Capital 800

Owner's Drawings 500

Service Revenue 4,515

Salaries and Wages Expense 1,006

Utilities Expense 125

Advertising Expense 165

Supplies Expense 1,025

Depreciation Expense 40

Insurance Expense 110

Interest Expense 15

$7,801 $7,801

Using the information in the adjusted trial balance, do the following: a. Prepare income statement and an owner's equity statement for the 2 months ended December 31, 2019, and a classified balance sheet as at December 31, 2019. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2021. b. Mrs L has decided that her year-end will be December 31, 2019. Prepare and post-closing entries as of December 31, 2019. c. Prepare a post-closing trial balance.

Income statement. Below is format

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For the Month Ended (fill in date)

Owner's Equity Statement. Below is format

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For the Month Ended (fill in date)

Balance Sheet . Below is format

Date

Assets

Liabilities & Owner's Equity

Prepare journal entries. Below is format

General Journal

Date Account title & Explanation Debit Credit

Post Closing Trial Balance. Below is format

Date:

Account Debit Credit