Chapter 8 Assignment The worksheet for Tovell Journal has been provided (Year Ended December 31, 2020). The trial balance figures have already been entered for you. a) Using the additional information, given below, make the adjustments and then complete the eight-column worksheet b) Create an income statement and a classified balance sheet. c) Journalize the Adjusting Entries. d) Post the Adjusting Entries to the Ledger. e) Journalize the Closing Entries. f) Post the Closing Entries to the ledger. g) Set-up a Post Closing Trial Balance. Additional Information 1. Late bills arriving in January 2021 that pertain to the 2020 fiscal period: a. Supplies and Materials b. Car Expense c. Truck Expense d. Miscellaneous Expense $ 509.60 200.00 746.20 35.00 2. The value of Supplies and Materials, at the end of the year, was $8,013.56. 3. The value of unexpired insurance amounted to $1,325.00 at the end of the year. 4. Advertising Revenue of $8,903 was recorded on December 2020 but this amount was for ads to be run in January and February 2021. 5. Depreciation was calculated on a straight line basis: a. Buildings cost $630,000, estimated salvage value $30,000. estimated life 40 years. b. Automotive Equipment cost $75,325.00 and the company estimates the salvage value to be $5,325.00 with an estimated life of 7 years. c. Bought equipment costing $95,700.00, with an estimated salvage value of $20,000. estimated life 10 years.