adjust entries

prepare year-end closing entries

income statement, statement of retained earnings, and the balance sheet.

Cat in the Hat Bakery is known make the best pecan pie in the state of Arkansas. The company fred their shify accountant last month and has asked you, the super-duper trustworthy accountant, to make the necessary adjustments at the end of the year. Additional information: a. An inventory of kitchen supplies showed $5 of kitchen supplies remained in the supply closet. b. Depreciation on the equipment is $2 per month. c. Depreciation on the delivery truck is $1 per month. d. The company completed a plebaking job for $16 that has not been billed or recorded. e. The company received a $4 bill for utilities that has not been recorded. f. One third of the rent paid in advanced has expired. g. The company has two employees who earn $3 per day for a 5 -day workweek ending on Friday. December 31 is on Tuesday. Calculate the new balance for the Lonely-Hearts Power Gym Retained Earnings account at the end of the accounting period. Prepare the August 31, 2022 Income Statement, Statement of Retained Eamings, and the Balance Sheet for Red Rider BB Gun Ine. Use the following pages for your financial statements - be sure to use good accounting formats