Calculate Adjusting journal entries.

Accounts receivable C G B 2019 1-Jan E Debit 5,86,382 F Credit 1,30,307 4,56,075 3-Jan 75,000 75,000 08-Jan 1,07,500 1,07,500 26,061 26,061 12-Jan D Account Titles Building Cash Notes Payable Wages Payable Cash Unearned Sales Revenue Sales Revenue Cost of goods sold Inventories Tax Payable Cash Cash Sales Revenue Cash Common Shares Inventories Accounts Payable Accounts Payable Inventories Accounts Payable + Cash Inventories 45,000 45,000 13-Jan 1,30,307 1,30,307 15-Jan 3,90,921 3,90,921 16-Jan 2,73,645 2,73,645 21-Jan 13,031 13,031 28-Jan 2,60,614 2,52,796 7,818 31-Jan 6,515 6,515 31-Jan Utilities Expense Cash Salaries Expense Group 2.Data3.JE 10,425 4.GL_T accounts 5.Unadjusted TB fo Maintenance expense F G E 10,425 10,425 1,56,369 1,56,369 1,04,246 1,04,246 78,184 78,184 52,123 52,123 78,184 78,184 BC 31-Jan Salaries Expense Cash 2-Feb Cash Sales revenue cost of goods sold Inventories 12-Feb Accounts receivable Sales revenue Cost of goods sold Inventories 01-Mar Cash Accounts receivable 01-Apr Rent Expense Cash 15-Apr Inventory Cash 01-May Cash Notes Payable 01-Aug Prepaid Rent Cash Maintenance expens Cash 30-Sep Salaries Expense Cash 30-Sep Cash Unearned Rent Revenue Accounts receivable 1. Group 2 Data 3.JE 3,909 3,909 2,60,614 2,60,614 1,30,307 1,30,307 15,637 15,637 31-Aug 6,515 6,515 19,546 19,546 31,274 31,274 2,60,614 4.GL_T accounts S. Unadjusted T8 Calibri MAA = = = Wrap Merg BIU - - - A - rds Font Alignment X for Maintenance expense F G 2,60,614 2,60,614 1,30,307 1,30,307 65,154 65,154 TB Cro 21-Oct Accounts receivable Sales revenue cost of goods sold Inventories 01-Nov Accounts payable Cash 108-Nov Accounts receivable Sales revenue cost of goods sold Inventory 14-Nov Cash Sales discount Accounts receivable 31-Dec Income Tax payable Cash 2,73,645 2,73,645 1,82,430 1,82,430 2,68,172 5,473 2,73,645 10,000 10,000 Dec 31, the note payable and the interest need to be calculated and paid Can be done here or in Adj. JE sheet Interest expense = 31-Dec Notes Payable Interest expense Cash 4,56,075 27,365 4,83,440 45,41,544 45.41,544 G H Some of the transactions require adjustments, like depreciation. Prepare all the necessary adjusting JE, and post it to the GL Note: you can bring the GL for those accounts require adjustments into this shee 1. Calculate the depreciation for equipment (from the notes) Dep. Ex 50,000.0 Debits edits 31-Dec Dep. Exp. 50,000 Acc. Dep. 50,000 2. Calculate bad debt expense, its 3% of the net credit sales (from the notes) Bad debt expense 13,818 Debits edits 31-Dec 5. Calculate the deferred insurance exp (from the notes) Insurance exp. - Debits 31-Dec edits 3. Calculate depreciation expense for the building (transaction 1) Dep. Expm Debits edits 31-Dec 4. Calculate the accrued interest expense (transaction 17) Interest exp. = Debits 31-Dec edits 5. Calculate the deferred rent exp (transaction 18) Group 2. Data 3JE 4.GL_T accounts Unadjusted to Font Alignn BCDI 5. Calculate the deferred rent exp (transaction 18) Rent exp.= Debits edits 31-Dec 1 31-Dec 6. Calculate the deferred rent revenue (transaction 21) Rent revenue = Debits edits 31-Dec A = = Merge & Center Font Alignment =+G52+G54+G53+G55 EF ACCT 1115 Ltd. Term Case You are working for ABC Ltd., for accounting and financial services. ACCT 1115 corporation a new client seeking your help to complete their accounting records, to prepare all the financial statements (Statement of financial position (SFP), statement of income and statement of changes in shareholders equity). Also, they required you to perform a financial statements analysis (ratio analysis). and provide them with your professional opinion on their results. When discussing their business, you learned that ACCT 1115 is one of the largest food retailers in the Province. ACCT 1115 uses calendar year as there year end, they provide you with their SFP for the year ended Dec 31, 2018: (SFP found on the excel file) ACCT 1115 Co. Comparitive statement of Financila Position December 31, 2018 and 2017 2017 6,20,000 6,20,000 4,10,000 2,10,000 ACCT 1115 Co. Comparitive statement of Financila Position December 31, 2018 and 2017 Account 2018 Sales Revenue 7,13,000 Sales discount Net slaes 7,13,000 Cost of goods sold 4,71,500 Gross Profit 2,41,500 Operating exp: Salaries & wages exp. 17,250 Rent expense 11,500 Utility Expense 5,750 Maintenance exp. Dep. Expense (equip. & Build) 57,500 Bad debt exp 4,025 13,800 Insurance exp 1,09,825 Total operating exp. 1,31,675 Operating income Other revenues and expenses: Rent revenue 34,500 Interest exp. 97,175 Income before tax 45,000 Income tax exp. 52,175 Net Income 15,000 10,000 5,000 50,000 3,500 12,000 95,500 1,14,500 30,000 84,500 42,000 42,500 =+G52+G54+G53+G55 G56 : * 4 ACCT 1115 Co. Comparitive statement of Financila Position December 31, 2018 and 2017 Account 2018 Current Assets: Cash 1,00,000 Accounts Receivable 2,00,000 Inventory 1,85,000 Prepaid Insurance 24,000 Total current assets 5,09,000 Long term Investments 2,50,000 Equipment 5,00,000 Accumulated depreciation-Equipment (1,50,000) Total Assets 11,09,000.00 50,000 1,00,000 1,25,000 36,000 3,11,000 80,000 5,00,000 (1,00,000 7,91,000.00 60,000 Liabilities and sharholders equity Accounts Payable Wages & Salaries Payable Unearned Sales Revenue Income tax payable Total current liabilities Bonds payable Total Liabilities Common shares Retained earnings Total Liabilities and sharholders equity 1,60,000 75,000 1,07,500 45,000 3,87,500 3.50,000 7,37,500 1,00,000 2.71,500 11.09,000.00 10,000 42.000 1,12,000 3,50,000 4,62,000 1,00,000 2,29,000 7.91,000.00 _ coded calculation. Please DO NOT add any numbers to to this dark line or below. The failinin transaction the only tantra for CT 1115 1 01 The following transaction are the only transaction for ACCT 1115ca during 2019 7 3 Jan I purchased new building for 5,86,182 they paid 1,30,307 cash and they sin 12 note payable for the balance. The note carry interest of The note principle due with the interest on Dec 31, 2019. The building expected useful life 25 years, residual (salva m ont of 65,154 ACCT 1115 uses straight line as their method of depreciation Jan 3, all wages payable from 2018 pand cash Ja , they deliver and to customer amount of 1,07,500 cost of these products 26,061 Previously ACCT 1115 received cash amount of 1,07,500 from customer and record it in Dec 18, 2018 in account (Unearned sales revenue) Jan 12, alin e s owed from last year are paid cash Jan 13, collect from customers 1.30,307 cash Jan 15, Issued common shares for 3.90,931 cash Jan 16 purchased merchandise for 2,73,665 from ABC Co., term 3/20, 1:45. FOB destination 39 discount if paid in 20 days Jan 21 returned merchandise to ABC co amount of 13,031 Jan 28 pand the amounts owed to ABC.CO Jan podates 6,315 cash Pal paid salaries 10,425 cash Feb 2 Bold merchandise of 1,56,369 cost of those goods was 1,04,246 ACCT 1115 used perpetual inventory system Feb 12 old merchandise of 78,184 to XYZ co., term 2/10, :30. FOB shipping point cost of those goods was 52,123 24 discount if received in 10 days March 1, XYZ paid their account in full Apel pendent for the month Jan-Maramount of Apr 15, purchased merchandise for cash 2,60,614 May 1 borrow from a local bank 1,30,307 by signing 12 note payable Aug 1, they paid for one year rent amount of 15,637 Aug 31, paid cash for maintthee and cleaning the building 6,515 Sep 1, pand msalanes 19,546 Sep 30, they rent part of the building to a local business and collect one your rent advance amount of 31,274 for 12 months Oct 21 sold merchandise on account for 2.60,614 to BC ltd., cost of those goods was 1,30,307 Nov 1, Beld paed 65,154 cash on their account Nov s sold merchandise to SK Color 2,73,645 term 210.. 30. FOB shipping point. Cost of those goods was 1,82,430 24 discount if received in 10 days Nov 14, SK paid their account in full Dec 31 pand income taxes amount of 10,000 1. Group 2. Data 3.JE 4.GL_T accounts 5.Unadjusted TB 6.Ad. JE 7Updated OL with adi 8.Adjusted 10 11 12 13 14 15 16 17 18 19 20 - 22 23 24 25 26 3.909 - X 652+G54+G534655 KLMNOP coded Please DO NOT a nyumbers to do this dark die or below The following transaction are the only transaction for ACCT 1115 co. during 2019 1 2 3 5 0 7 8 9 10 Jan I purchased new building for 5,86,382 they paid 1,30,307 cash and they sp 1 2 note payable for the balance. The note carry interest The note principle due with the interest on Dec 31, 2019. The building expected useful life residual (salvage) vale amount of OSISI ACCT 1115 uses straight line as the method of depreciation Jan 3, all wages payable from 2018 paid cash Jan, they deliver merchandise to customer amount of 1,07,500 cost of these products are 26,061 Previously ACCT 1115 received cash amount of 1,07.500 from customer and record it in Dec 18, 2018 in account (Unearned sales revenue) an 12, al income taxes owed from last year we paid cash Jan), collect from custom 1,30,307 cash Jan 15, issued common shares for 3,90,921 cash a 16 purchased merchandise for 2,73,615 from ABC Co., term 320, 3445 FOB destination. 3% discount if paid in 20 days Jan 21 returned merchandise to Alyc co amount of 13.031 Jan 28 pand the amounts owed to ABC.CO. Jan 31 paid unities 6,515 cash 10,425 cash Feb 2 solid merchandise of 1,56,369 cost of those goods was 1.04.216 ACCT 1115 used perpetual inventory system Feb 12 sold merchandise of 78,184 to XYZ coterm 2 10, 30. FOB shipping point cost of those goods was $2,123 3% discount if received in 10 days March 1, XYZ pand the account in full Apr I paid rent for the month Jan-Mar amount of Apr 15. purchased merchandise for cash 2,60,614 May 1 borrow from a local bank 1,30,307 by signing a 1296 1 2 note payable Aug 1, they paod for one year rent amount of 15,637 Aug 31. pand cash for maintance and cleaning the building Sep 1 pand ne 19,546 11. 1 Group 2.DataE 4GLT accountsS.Unadjusted TB 6 Adj E 7.Updated with ad d y 3.909 12 13 14 15 16 17 18 19 20 6,515 12 months 21 22 23 24 25 26 Sep 1, pud salan 19,516 Sep 10, they rent part of the building to a local business and collect one year rent in advance amount of 31,274 for Oct 21 sold merchandise on account for 2,60,614 to DC id, cost of those goods was Nov 1, Beland 65,154 cash on the account Nov 8 sold merchandise to SK co for 2,73,645 term 2/10, 1/30. FOB shipping point. Cost of those goods was Nov 14, SK paid the account in all Dec 31, pardcoaxes amount of 10,000 WWW 2% discount if received in 10 days A ACCT 1115 using perpetual inventory system B. Equipment on the SFP purchased on 2016 for $500,000 with $0 residual value, deprecated strict line over 10 year estimated usefalite C. They use aping accounts receivables method to estimate any bad debt expenses. They estimated 3% of outstanding met Accounts Receivables t year yean sales at year will not be collected D. Prepand insurance was paid on Jan 1,2017 to cover 3 years insurance E NO accruals deferrals other than the ones found in the above transactions Required: Following the excel Sheet template Prepare Round your answers to wearse si dollar. This is not apply on the ratios 1. All for the above transactions, considering the notes assumptions above 2. Post the transactions to the general ledger GL accounts 3. Prepare the mausted na balance before any adjustments 4. Prepare all the requared adjustments (deferrals and accruals) if y, and update the GL Prepare the adjusted balance after you made the adjustments 0. Prepare the following financial statements 2. Stalement of income . Statement of changes inquiry 1. Group 2. Data E 40 accounts S.Unadjusted TB d. JE Updated GL with ad d usted Accounts receivable C G B 2019 1-Jan E Debit 5,86,382 F Credit 1,30,307 4,56,075 3-Jan 75,000 75,000 08-Jan 1,07,500 1,07,500 26,061 26,061 12-Jan D Account Titles Building Cash Notes Payable Wages Payable Cash Unearned Sales Revenue Sales Revenue Cost of goods sold Inventories Tax Payable Cash Cash Sales Revenue Cash Common Shares Inventories Accounts Payable Accounts Payable Inventories Accounts Payable + Cash Inventories 45,000 45,000 13-Jan 1,30,307 1,30,307 15-Jan 3,90,921 3,90,921 16-Jan 2,73,645 2,73,645 21-Jan 13,031 13,031 28-Jan 2,60,614 2,52,796 7,818 31-Jan 6,515 6,515 31-Jan Utilities Expense Cash Salaries Expense Group 2.Data3.JE 10,425 4.GL_T accounts 5.Unadjusted TB fo Maintenance expense F G E 10,425 10,425 1,56,369 1,56,369 1,04,246 1,04,246 78,184 78,184 52,123 52,123 78,184 78,184 BC 31-Jan Salaries Expense Cash 2-Feb Cash Sales revenue cost of goods sold Inventories 12-Feb Accounts receivable Sales revenue Cost of goods sold Inventories 01-Mar Cash Accounts receivable 01-Apr Rent Expense Cash 15-Apr Inventory Cash 01-May Cash Notes Payable 01-Aug Prepaid Rent Cash Maintenance expens Cash 30-Sep Salaries Expense Cash 30-Sep Cash Unearned Rent Revenue Accounts receivable 1. Group 2 Data 3.JE 3,909 3,909 2,60,614 2,60,614 1,30,307 1,30,307 15,637 15,637 31-Aug 6,515 6,515 19,546 19,546 31,274 31,274 2,60,614 4.GL_T accounts S. Unadjusted T8 Calibri MAA = = = Wrap Merg BIU - - - A - rds Font Alignment X for Maintenance expense F G 2,60,614 2,60,614 1,30,307 1,30,307 65,154 65,154 TB Cro 21-Oct Accounts receivable Sales revenue cost of goods sold Inventories 01-Nov Accounts payable Cash 108-Nov Accounts receivable Sales revenue cost of goods sold Inventory 14-Nov Cash Sales discount Accounts receivable 31-Dec Income Tax payable Cash 2,73,645 2,73,645 1,82,430 1,82,430 2,68,172 5,473 2,73,645 10,000 10,000 Dec 31, the note payable and the interest need to be calculated and paid Can be done here or in Adj. JE sheet Interest expense = 31-Dec Notes Payable Interest expense Cash 4,56,075 27,365 4,83,440 45,41,544 45.41,544 G H Some of the transactions require adjustments, like depreciation. Prepare all the necessary adjusting JE, and post it to the GL Note: you can bring the GL for those accounts require adjustments into this shee 1. Calculate the depreciation for equipment (from the notes) Dep. Ex 50,000.0 Debits edits 31-Dec Dep. Exp. 50,000 Acc. Dep. 50,000 2. Calculate bad debt expense, its 3% of the net credit sales (from the notes) Bad debt expense 13,818 Debits edits 31-Dec 5. Calculate the deferred insurance exp (from the notes) Insurance exp. - Debits 31-Dec edits 3. Calculate depreciation expense for the building (transaction 1) Dep. Expm Debits edits 31-Dec 4. Calculate the accrued interest expense (transaction 17) Interest exp. = Debits 31-Dec edits 5. Calculate the deferred rent exp (transaction 18) Group 2. Data 3JE 4.GL_T accounts Unadjusted to Font Alignn BCDI 5. Calculate the deferred rent exp (transaction 18) Rent exp.= Debits edits 31-Dec 1 31-Dec 6. Calculate the deferred rent revenue (transaction 21) Rent revenue = Debits edits 31-Dec A = = Merge & Center Font Alignment =+G52+G54+G53+G55 EF ACCT 1115 Ltd. Term Case You are working for ABC Ltd., for accounting and financial services. ACCT 1115 corporation a new client seeking your help to complete their accounting records, to prepare all the financial statements (Statement of financial position (SFP), statement of income and statement of changes in shareholders equity). Also, they required you to perform a financial statements analysis (ratio analysis). and provide them with your professional opinion on their results. When discussing their business, you learned that ACCT 1115 is one of the largest food retailers in the Province. ACCT 1115 uses calendar year as there year end, they provide you with their SFP for the year ended Dec 31, 2018: (SFP found on the excel file) ACCT 1115 Co. Comparitive statement of Financila Position December 31, 2018 and 2017 2017 6,20,000 6,20,000 4,10,000 2,10,000 ACCT 1115 Co. Comparitive statement of Financila Position December 31, 2018 and 2017 Account 2018 Sales Revenue 7,13,000 Sales discount Net slaes 7,13,000 Cost of goods sold 4,71,500 Gross Profit 2,41,500 Operating exp: Salaries & wages exp. 17,250 Rent expense 11,500 Utility Expense 5,750 Maintenance exp. Dep. Expense (equip. & Build) 57,500 Bad debt exp 4,025 13,800 Insurance exp 1,09,825 Total operating exp. 1,31,675 Operating income Other revenues and expenses: Rent revenue 34,500 Interest exp. 97,175 Income before tax 45,000 Income tax exp. 52,175 Net Income 15,000 10,000 5,000 50,000 3,500 12,000 95,500 1,14,500 30,000 84,500 42,000 42,500 =+G52+G54+G53+G55 G56 : * 4 ACCT 1115 Co. Comparitive statement of Financila Position December 31, 2018 and 2017 Account 2018 Current Assets: Cash 1,00,000 Accounts Receivable 2,00,000 Inventory 1,85,000 Prepaid Insurance 24,000 Total current assets 5,09,000 Long term Investments 2,50,000 Equipment 5,00,000 Accumulated depreciation-Equipment (1,50,000) Total Assets 11,09,000.00 50,000 1,00,000 1,25,000 36,000 3,11,000 80,000 5,00,000 (1,00,000 7,91,000.00 60,000 Liabilities and sharholders equity Accounts Payable Wages & Salaries Payable Unearned Sales Revenue Income tax payable Total current liabilities Bonds payable Total Liabilities Common shares Retained earnings Total Liabilities and sharholders equity 1,60,000 75,000 1,07,500 45,000 3,87,500 3.50,000 7,37,500 1,00,000 2.71,500 11.09,000.00 10,000 42.000 1,12,000 3,50,000 4,62,000 1,00,000 2,29,000 7.91,000.00 _ coded calculation. Please DO NOT add any numbers to to this dark line or below. The failinin transaction the only tantra for CT 1115 1 01 The following transaction are the only transaction for ACCT 1115ca during 2019 7 3 Jan I purchased new building for 5,86,182 they paid 1,30,307 cash and they sin 12 note payable for the balance. The note carry interest of The note principle due with the interest on Dec 31, 2019. The building expected useful life 25 years, residual (salva m ont of 65,154 ACCT 1115 uses straight line as their method of depreciation Jan 3, all wages payable from 2018 pand cash Ja , they deliver and to customer amount of 1,07,500 cost of these products 26,061 Previously ACCT 1115 received cash amount of 1,07,500 from customer and record it in Dec 18, 2018 in account (Unearned sales revenue) Jan 12, alin e s owed from last year are paid cash Jan 13, collect from customers 1.30,307 cash Jan 15, Issued common shares for 3.90,931 cash Jan 16 purchased merchandise for 2,73,665 from ABC Co., term 3/20, 1:45. FOB destination 39 discount if paid in 20 days Jan 21 returned merchandise to ABC co amount of 13,031 Jan 28 pand the amounts owed to ABC.CO Jan podates 6,315 cash Pal paid salaries 10,425 cash Feb 2 Bold merchandise of 1,56,369 cost of those goods was 1,04,246 ACCT 1115 used perpetual inventory system Feb 12 old merchandise of 78,184 to XYZ co., term 2/10, :30. FOB shipping point cost of those goods was 52,123 24 discount if received in 10 days March 1, XYZ paid their account in full Apel pendent for the month Jan-Maramount of Apr 15, purchased merchandise for cash 2,60,614 May 1 borrow from a local bank 1,30,307 by signing 12 note payable Aug 1, they paid for one year rent amount of 15,637 Aug 31, paid cash for maintthee and cleaning the building 6,515 Sep 1, pand msalanes 19,546 Sep 30, they rent part of the building to a local business and collect one your rent advance amount of 31,274 for 12 months Oct 21 sold merchandise on account for 2.60,614 to BC ltd., cost of those goods was 1,30,307 Nov 1, Beld paed 65,154 cash on their account Nov s sold merchandise to SK Color 2,73,645 term 210.. 30. FOB shipping point. Cost of those goods was 1,82,430 24 discount if received in 10 days Nov 14, SK paid their account in full Dec 31 pand income taxes amount of 10,000 1. Group 2. Data 3.JE 4.GL_T accounts 5.Unadjusted TB 6.Ad. JE 7Updated OL with adi 8.Adjusted 10 11 12 13 14 15 16 17 18 19 20 - 22 23 24 25 26 3.909 - X 652+G54+G534655 KLMNOP coded Please DO NOT a nyumbers to do this dark die or below The following transaction are the only transaction for ACCT 1115 co. during 2019 1 2 3 5 0 7 8 9 10 Jan I purchased new building for 5,86,382 they paid 1,30,307 cash and they sp 1 2 note payable for the balance. The note carry interest The note principle due with the interest on Dec 31, 2019. The building expected useful life residual (salvage) vale amount of OSISI ACCT 1115 uses straight line as the method of depreciation Jan 3, all wages payable from 2018 paid cash Jan, they deliver merchandise to customer amount of 1,07,500 cost of these products are 26,061 Previously ACCT 1115 received cash amount of 1,07.500 from customer and record it in Dec 18, 2018 in account (Unearned sales revenue) an 12, al income taxes owed from last year we paid cash Jan), collect from custom 1,30,307 cash Jan 15, issued common shares for 3,90,921 cash a 16 purchased merchandise for 2,73,615 from ABC Co., term 320, 3445 FOB destination. 3% discount if paid in 20 days Jan 21 returned merchandise to Alyc co amount of 13.031 Jan 28 pand the amounts owed to ABC.CO. Jan 31 paid unities 6,515 cash 10,425 cash Feb 2 solid merchandise of 1,56,369 cost of those goods was 1.04.216 ACCT 1115 used perpetual inventory system Feb 12 sold merchandise of 78,184 to XYZ coterm 2 10, 30. FOB shipping point cost of those goods was $2,123 3% discount if received in 10 days March 1, XYZ pand the account in full Apr I paid rent for the month Jan-Mar amount of Apr 15. purchased merchandise for cash 2,60,614 May 1 borrow from a local bank 1,30,307 by signing a 1296 1 2 note payable Aug 1, they paod for one year rent amount of 15,637 Aug 31. pand cash for maintance and cleaning the building Sep 1 pand ne 19,546 11. 1 Group 2.DataE 4GLT accountsS.Unadjusted TB 6 Adj E 7.Updated with ad d y 3.909 12 13 14 15 16 17 18 19 20 6,515 12 months 21 22 23 24 25 26 Sep 1, pud salan 19,516 Sep 10, they rent part of the building to a local business and collect one year rent in advance amount of 31,274 for Oct 21 sold merchandise on account for 2,60,614 to DC id, cost of those goods was Nov 1, Beland 65,154 cash on the account Nov 8 sold merchandise to SK co for 2,73,645 term 2/10, 1/30. FOB shipping point. Cost of those goods was Nov 14, SK paid the account in all Dec 31, pardcoaxes amount of 10,000 WWW 2% discount if received in 10 days A ACCT 1115 using perpetual inventory system B. Equipment on the SFP purchased on 2016 for $500,000 with $0 residual value, deprecated strict line over 10 year estimated usefalite C. They use aping accounts receivables method to estimate any bad debt expenses. They estimated 3% of outstanding met Accounts Receivables t year yean sales at year will not be collected D. Prepand insurance was paid on Jan 1,2017 to cover 3 years insurance E NO accruals deferrals other than the ones found in the above transactions Required: Following the excel Sheet template Prepare Round your answers to wearse si dollar. This is not apply on the ratios 1. All for the above transactions, considering the notes assumptions above 2. Post the transactions to the general ledger GL accounts 3. Prepare the mausted na balance before any adjustments 4. Prepare all the requared adjustments (deferrals and accruals) if y, and update the GL Prepare the adjusted balance after you made the adjustments 0. Prepare the following financial statements 2. Stalement of income . Statement of changes inquiry 1. Group 2. Data E 40 accounts S.Unadjusted TB d. JE Updated GL with ad d usted