Attached I've included some advancements (highlighted in yellow) on the worksheet. The debit and credit columns of the AJEs should total to: $1,060,258 and the Trial Balance After Adjustment should both total to: $15,370,967 and I am having difficulties finding the error. PLEASE HELP.

Record the 11 adjusting journal entries based on the information given below. Record all AJEs on the Excel spreadsheet using the tab labeled AJEs and Closing Entries. Post to the Trial Balance (second tab at the bottom of spreadsheet) in the two columns labeled AJEs (Columns E & G). CMC uses a perpetual inventory system which means that when they record the sale of a product (at the selling price), they also update COGS and Inventory (at cost). Recommendation: use cell referencing when posting to the Trial Balance to eliminate potential typos and follow-through errors.

1. As of December 31^st, wages of $45,700 should be accrued; associated payroll taxes on these wages are $2,910. (Record in two separate adjusting entries. The payroll taxes are an expense to the company for unemployment benefits and recorded as a payable to the state & federal taxing authority.)

2. The Unearned Consulting Revenue account has a balance before adjustment of $261,220 as of December 31, 20x1. Of this balance, 70% of the work was completed by year end.

3. You discover that a sale of a product was made on account and CMC recorded the sale in December for $136,200. However, the product has not yet been shipped, therefore it is not considered to be delivered to the customer. The cost of the product was 55% of its selling price. CMC uses the perpetual inventory method.

4. At year-end, the CFO asks you to review the Accounts Receivables to determine if there are any customer accounts that should be written off as uncollectible. Based on your review, you determine that the Account Receivable from Shift, Co. has been past due for over 14 months and Shift recently declared bankruptcy. The CFO instructs you to write off the account balance of $21,350. Directly following this action, you can now record bad debt expense which is estimated to be 5% of ending Accounts Receivable. (Round to the nearest whole dollar.)

5. CMC prepays for its property & casualty insurance. As of December 31, 20x1, 80% of the prepayments have now been consumed. (Round to the nearest whole dollar.)

6. CMC records depreciation and amortization expense annually. They do not use an accumulated amortization account. (i.e. Amortization Expense is recorded with a debit to Amort. Exp and a credit to the Patent.) Annual depreciation rates are 5% for Buildings/Equipment/Furniture, no salvage. (Round to the nearest whole dollar.) Annual Amortization rates are 10% of original cost, straight-line method, no salvage. CMC owns two patents: Patent #FJ101 has an original cost of $154,000 and Patent #CQ510 was acquired for $169,000. The last time depreciation & amortization were recorded was December 31, 20x0.

7. The long-term liabilities were outstanding for all of 20x1 and accrue interest at 8% APR. CMC records accrued interest quarterly (interest was last updated on Sept. 30.) The company is required to pay the interest annually each January 1^st.

8. CMC often allows customers to finance the purchase of their products through long-term lending agreements and therefore reports Long-term Notes Receivable on their Balance Sheet. These notes are interest bearing and earn CMC interest revenue. The notes accrue interest at 8% APR and were outstanding for all of 20x1. Interest is payable to CMC each January 1^st.

9. On December 15, CMC declared a dividend of $220,000, to be paid on January 20, 20x2. The dividend declaration had not yet been recorded.

10. At December 31, the Long-Term Investments (Available-for-sale securities or AFS) had a fair value of $195,400. The AFS Investment was originally purchased on June 1, 20x1 for $160,500. CMC uses a Fair Value Adjustment account (an adjunct/contra account to the Investments) to mark-to-market the investment portfolio at year end. (e.g. If the fair value of the Investment has increased at year end, debit the Fair Value Adjustment account in order to increase the Carrying Value of the asset to equal its fair value on the balance sheet at Dec. 31^st. This is an unrealized (holding) gain, which would require a credit to record it.)

11. CMCs Income tax rate for 20x1 was determined to be 21%.

Closing Entries Debit Credit General Ledger Account Name Trial Balance Before Ad 12/31x1 AJEs at 12/31x1 Debit Credit Debit Credit Cash and cash equivalents 92.063 Accounts Receivable 913.780 157,550 Allowance for doubtful accounts 29,462 21,350 29.700 Interest Receivable 3.500 17,600 Inventory 1,270.160 74,910 Prepaid expansion 26.774 21,419 Other Current Assets 16063 Investments 160.500 Fair Value Ad usmem 0 01 34,900 Notes Receivable 220.000 Building 876418 Equipment and fumiture 332.983 Land 348.791 Accum Depr 656,465 60,470 Goodwill 493.951 Patents 217.000 32,300 Accounts Payable 1.169,343 Dividends payable 220,000 Interest payable 42,102 14,034 Unearned Consulting Revenue 261,220 182,8541 Wages payable 81,350 45,700 Payroll taxes payable 8,850 2,910 Income tax payable 173,240 Long term labilities 701 700 Common Stock 920,000 Paid-in capital common stock 105,000 Treasury Stock 400.000 Retained Earings 539,069 Dividends 220,000 Accum Other Comprehensive Income 0 Sales revenue 9.253,346 138,200 Service revenue 1.169,305 182,854 Interest Revenue D 17,600 Sales returns 162400 Sales discounts 269.662 Productcost of goods sold 5,384 590 74,910 Service cost of goods sold 570 811 Advertising Expense 159.080 Bad debtexpense 0 0 29,700 0 Depreciation and amonization 01 92.770 Professional Dues & subscriptions 21.4701 Gainloss on disposal 4.790 Income tax expense 01 173,240 Insurance Experse 80.144 21,419 Interest expense 42.102 14,034 Legal and accounting fees 106,650 Miscellaneous 9.048 office expense 220.114 Payroll taxes 136 975 2,910 Property taxes 104 570 Repair and maintenance 42028 Research and development 470.680 Telephone 20085 Travel and entertainment 38.3911 Utilities Expanse 47.049 Wege Expense 964670 45,700 Salaries - Officers 710.000 Income Summary 0 0 1 0 Unrealized Gain Loss-AFS 0 0 34,900 14,937 292 14.937,292 1.067,597 1.087.587 Trial Balance After Ad 12/311x1 Debit 11 Credit 92.083 756 230 37.812 21.100 1,345 070 5355 16 083 160.500 34.900 0 220.000 876418 3329331 348.791 716,935 493.951 184.700 1,169,343 220,000 58,136 78,366 127,050 11,760 173,240 701,700 920,000 105,000 400.000 539,069 220.000 0 0 9.117,146 1.352.239 17,600 162 400 269.682 5,309 580 570 R11 159.080 29.700 92 770 21.470 4.790 173.240 101.563 56.136 106.650 9.048 220.114 139 885 104570 42028 470 580 20085 38.391 47.049 1,010,370 710.000 0 0 0 0 34,900 15,378296 15.378,296 Post-Closing TIB 12/31x1 Debit Credit 92,083 756 230 37.812 21,100 1,345,070 5,355 16 063 160 500 34,900 0 0 220.000 876 418 332.983 348 701 716.935 493.951 184.700 1,169,343 220,000 56.138 7,366 127,050 11.760 173,240 701 700 820,000 105,000 400.000 539,069 220.000 0 0 9,117,146 1,352,239 17,600 162 400 289,662 5,309 680 570 811 159.080 01 29,700 92,770 21.470 4,790 173.240 101,563 56.136 106.650 9,048 220.114 139 885 104,570 42,028 470 580 0 1 20.085 38,391 47.049 1,010,370 710.000 01 0 0 34,900 15,378,296 15,378, 296 0 0 Closing Entries Debit Credit General Ledger Account Name Trial Balance Before Ad 12/31x1 AJEs at 12/31x1 Debit Credit Debit Credit Cash and cash equivalents 92.063 Accounts Receivable 913.780 157,550 Allowance for doubtful accounts 29,462 21,350 29.700 Interest Receivable 3.500 17,600 Inventory 1,270.160 74,910 Prepaid expansion 26.774 21,419 Other Current Assets 16063 Investments 160.500 Fair Value Ad usmem 0 01 34,900 Notes Receivable 220.000 Building 876418 Equipment and fumiture 332.983 Land 348.791 Accum Depr 656,465 60,470 Goodwill 493.951 Patents 217.000 32,300 Accounts Payable 1.169,343 Dividends payable 220,000 Interest payable 42,102 14,034 Unearned Consulting Revenue 261,220 182,8541 Wages payable 81,350 45,700 Payroll taxes payable 8,850 2,910 Income tax payable 173,240 Long term labilities 701 700 Common Stock 920,000 Paid-in capital common stock 105,000 Treasury Stock 400.000 Retained Earings 539,069 Dividends 220,000 Accum Other Comprehensive Income 0 Sales revenue 9.253,346 138,200 Service revenue 1.169,305 182,854 Interest Revenue D 17,600 Sales returns 162400 Sales discounts 269.662 Productcost of goods sold 5,384 590 74,910 Service cost of goods sold 570 811 Advertising Expense 159.080 Bad debtexpense 0 0 29,700 0 Depreciation and amonization 01 92.770 Professional Dues & subscriptions 21.4701 Gainloss on disposal 4.790 Income tax expense 01 173,240 Insurance Experse 80.144 21,419 Interest expense 42.102 14,034 Legal and accounting fees 106,650 Miscellaneous 9.048 office expense 220.114 Payroll taxes 136 975 2,910 Property taxes 104 570 Repair and maintenance 42028 Research and development 470.680 Telephone 20085 Travel and entertainment 38.3911 Utilities Expanse 47.049 Wege Expense 964670 45,700 Salaries - Officers 710.000 Income Summary 0 0 1 0 Unrealized Gain Loss-AFS 0 0 34,900 14,937 292 14.937,292 1.067,597 1.087.587 Trial Balance After Ad 12/311x1 Debit 11 Credit 92.083 756 230 37.812 21.100 1,345 070 5355 16 083 160.500 34.900 0 220.000 876418 3329331 348.791 716,935 493.951 184.700 1,169,343 220,000 58,136 78,366 127,050 11,760 173,240 701,700 920,000 105,000 400.000 539,069 220.000 0 0 9.117,146 1.352.239 17,600 162 400 269.682 5,309 580 570 R11 159.080 29.700 92 770 21.470 4.790 173.240 101.563 56.136 106.650 9.048 220.114 139 885 104570 42028 470 580 20085 38.391 47.049 1,010,370 710.000 0 0 0 0 34,900 15,378296 15.378,296 Post-Closing TIB 12/31x1 Debit Credit 92,083 756 230 37.812 21,100 1,345,070 5,355 16 063 160 500 34,900 0 0 220.000 876 418 332.983 348 701 716.935 493.951 184.700 1,169,343 220,000 56.138 7,366 127,050 11.760 173,240 701 700 820,000 105,000 400.000 539,069 220.000 0 0 9,117,146 1,352,239 17,600 162 400 289,662 5,309 680 570 811 159.080 01 29,700 92,770 21.470 4,790 173.240 101,563 56.136 106.650 9,048 220.114 139 885 104,570 42,028 470 580 0 1 20.085 38,391 47.049 1,010,370 710.000 01 0 0 34,900 15,378,296 15,378, 296 0 0