Complete the end of year accrual adjustments for the following situations. Put each end of year adjustment (A, B, C, and D) on its own page.

i have attempted this assignment, but I would like the help of making sure it follows the rubric below. the two photos I attached are the answers I have come up with. please help me make sure im in the rubric guidelines

question: It is 12/31/2021 and Oakland Farms need to do their end of year adjustments for 2021. Remember, EOY adjustments can be positive or negative. The adjustments they need to complete are: A) Feeder Livestock Inventory Purchased for Resale adjustment (20 points) - (the example on pages 76-77 will help). - At the beginning of the year (1/1/2021) they had $18,000 of purchased feeder livestock on hand. - During 2021, they purchased $36,000 worth of feeder livestock. - At the end of the year (12/31/2021) they had $22,000 of purchased feeder livestock on hand. B) Crop Inventory Raised for Sale adjustment (20 points) (the example on page 75 will help). - At the beginning of the year (1/1/2021) they had $42,000 of raised crops on hand. - During 2021, they sold $75,000 worth of crops. - At the end of the year (12/31/2021) they had $34,000 of raised crops on hand. C) Prepaid Expense adjustment (20 points) (the example on pages 79-80 will help). - At the beginning of the year (1/1/2021) they had $6,000 of prepaid insurance. - On August 1, 2021, they purchased a new one-year insurance policy for $18,000. - You will need to determine how much unpaid insurance remains at the end of the year (12/31/2021) in order to complete this adjustment. D) Accounts Receivable adjustment (20 points) (the example of page 88 will help). - At the beginning of the year (1/1/2021) the Accounts Receivable balance was $14,000. - During 2021, they had cash sales of $73,000 market livestock. - At the end of the year (12/31/2021) they determine their cattle buyers still owe them $8,000. For each end-of-year accrual adjustment, 1) calculate the necessary adjustment, 2) complete the related journal entry, 3) complete the income statement adjustment, and 4) show the proper balance sheet entry for the relevant account.

rubric:

Each EOY adjustment follows the same basic rubric as follows:

1. Calculate the change from the beginning of the year to the end of the year. (5 points)

EOY $ 25,000

- BOY -$ 20,000

$5,000 (5 points for the correct value, -3 point if correct math, but wrong sign) all or nothing. Get this wrong, the rest of the steps will also be wrong.

2. Record the journal entry to reflect the proper adjustment. (5 points)

12/31 Feed Inventory Purchased for Resale 5,000

Change in Purchased Feed Inventories 5,000

1 point each for: correct date, correct account names, correct debit/credit value.

Also, will lose 3 points if transaction is flipped (right accounts, but in wrong place (i.e., debited account is incorrectly credited and vice-verse), and will lose 2 points for format issues (debited account not listed first, misspelling, improper capitalization, etc.) and if debits and credits are not equal.

3. Show the adjustment necessary for the Income Statement. (5 points)

Operating Expenses

Purchased Feed ($ 95,000)

+ Change in Purchased Feed Inventories $ 5,000

Net Effect on Net Farm Income from Operations ($ 90,000)

1 point for: correct Income Statement section, correct Income Statement account, correct adjustment account (i.e., Change in), correct Net Effect on label, and correct math.

4. Show the proper Balance Sheet entry. (5 points)

Assets

Current Assets

Feed Inventory Purchased for Resale $25,000

1 point for correct Balance Sheet subcategory (itll either be Current Assets or Current Liabilities), 2 points for the correct Balance Sheet account name, 2 points for correct EOY account value.

answer:

Amounts are in $ A) Livestock Income Statement Extract Sales (Livestock) 388000 Less: Cost of Goods Sold: - 167000 Opening Stock Livestock) 91000 Add: Purchases 139000 Less: Closing Stock -63000 Gross Profit 221000 Journal Entry Debit Credit Cost of Goods Sold 167000 Livestock Inventory 167000 Adjustment Opening Stock (Livestock) Add: Purchases Less: Closing Stock Cost of Goods Sold 91000 139000 Balance Sheet Assets Inventory Livestock Current Year Previous Year 63000 -63000 167000 B) Feed Corn Income Statement Extract Cost of Goods Sold (Feed Corn) 250000 Journal Entry Debit Credit Cost of Goods Sold 250000 Feed Corn Inventory 25000 Adjustment (Harvested Feedcorn) Opening Stock 162000 Harvested Feedcorn 282000 Bal Fig Less: Closing Stock -194000 Cost of Goods Sold 250000 Balance Sheet Assets Current Year Previous Year Feed Corn Inventory 194000 Selling Price of Feed Corn can be more or less than above value which will five us Gross Profit/Loss C) Income Statement Extract Insurance Expenses Journal Entry 40000 Balance Sheet Assets Prepaid Insurance Current Year Previous Year 28000 20000 Insurance Prepaid Insurance Adjustment (Insurance) Debit Credit Insurance 20000 Prepaid Insurance (previous) 20000 20000 Add: Insurance (Current) 20000 Total Insurance 40000 48000 (12 months) 48000 Insurance Bank 28000 Prepaid Insurance Insurance (7months) 28000 D) D) Income Statement Extract Sales Livestock: Cash Credit Total Journal Entry Adjustment (Insurance) Buyer owes money due to credit sales NA whether it be opening balance or closing balance They are to be kept separate from Cash Sales 413000 Balance Sheet Assets Current Year Previous Year Accounts Receivable 62000 55000 XXX XXX Amounts are in $ A) Livestock Income Statement Extract Sales (Livestock) 388000 Less: Cost of Goods Sold: - 167000 Opening Stock Livestock) 91000 Add: Purchases 139000 Less: Closing Stock -63000 Gross Profit 221000 Journal Entry Debit Credit Cost of Goods Sold 167000 Livestock Inventory 167000 Adjustment Opening Stock (Livestock) Add: Purchases Less: Closing Stock Cost of Goods Sold 91000 139000 Balance Sheet Assets Inventory Livestock Current Year Previous Year 63000 -63000 167000 B) Feed Corn Income Statement Extract Cost of Goods Sold (Feed Corn) 250000 Journal Entry Debit Credit Cost of Goods Sold 250000 Feed Corn Inventory 25000 Adjustment (Harvested Feedcorn) Opening Stock 162000 Harvested Feedcorn 282000 Bal Fig Less: Closing Stock -194000 Cost of Goods Sold 250000 Balance Sheet Assets Current Year Previous Year Feed Corn Inventory 194000 Selling Price of Feed Corn can be more or less than above value which will five us Gross Profit/Loss C) Income Statement Extract Insurance Expenses Journal Entry 40000 Balance Sheet Assets Prepaid Insurance Current Year Previous Year 28000 20000 Insurance Prepaid Insurance Adjustment (Insurance) Debit Credit Insurance 20000 Prepaid Insurance (previous) 20000 20000 Add: Insurance (Current) 20000 Total Insurance 40000 48000 (12 months) 48000 Insurance Bank 28000 Prepaid Insurance Insurance (7months) 28000 D) D) Income Statement Extract Sales Livestock: Cash Credit Total Journal Entry Adjustment (Insurance) Buyer owes money due to credit sales NA whether it be opening balance or closing balance They are to be kept separate from Cash Sales 413000 Balance Sheet Assets Current Year Previous Year Accounts Receivable 62000 55000 XXX XXX