Complete the task of making the proper adjustments, closing the books and creating a balance sheet, income statement and statement of equity.

$1.$ Transmittal Letter $-$This is the first page and should tell the supervisor what has been prepared and who has prepared it$.$If you choose to indicate how much fun it was to complete, please convey that information as well.

$2.$ Balance Sheet

$3.$Income Statement

$4.$Statement of Shareholders Equity

$5.$Adjusting Journal Entries

$6.$Horizontal Close$($complete these six with the information given below$)$

Poultry Co$.$

In reviewing the balance sheet, it is clear that the adjusting entries have not been made. As a result, your tasks is to make the adjusting entries and provide the information required as stated above.

Deferred Accounts:

$1.$$$194,531$ sales revenues were received for products that are to be delivered in $2024.$

$2.2023$ insurance costs of $$17,000$ are included in the prepaid insurance account.

$3.$Depreciation for the year should be $$800.$This amount is not currently included in the books and records of the corporation.

Accrued Accounts:

$4.$Wages have been paid through December $27$th$.$The seven employees worked on December $28,29,30$and $31.$Each employee earned $$642\mathrm{.}86$per day.

$5.$A telephone line was repaired on December $12,2023.$The repair fee was $$3000$and the bill was not received until February $16,2024.$Nothing is recorded on the books at December $31,2023.$

$6.$ Interest accrues on the short$-$term notes payable at an annual rate of $8\mathrm{.}4\%.$The principal of the note has been outstanding during the entire month of December. Interest prior to December was paid and properly recorded on the books and records. Interest on all other notes has been properly accounted for at December $31,2023.$

$7.$The tax rate is $40\%$ and no entries have been made on the books and records to record taxes.

$$

Unadjusted trial balance at $12/31/23$:

Accounts payable $145,000$

Accounts receivable $100,000$

Accrued expenses payable $26,000$

Accumulated depreciation $19,840$

Cash $634,940$

Common Stock $120,000$

Cost of goods sold $480,000$

Current maturities on long term c $75,000$

Depreciation expense $49,600$

Equipment $347,200$

Administrative expense $186,000$

Income tax expense $0$

Income taxes payable $50,000$

Political expenses $1,000$

Interest expense $3,100$

Insurance expense $0$

Interest income $65,000$

Land $1,750,000$

Long term debt $150,000$

Long term investments $360,000$

Bonds payable $700,000$

Marketable securities $1,000,000$

Prepaid expenses $75,000$

Retained Earnings $250,000$

sales revenue $3,980,000$

shares outstanding $16,000$

Short term notes payable $156,000$

Unearned revenus $100,000$

Utilities expense $350,000$

Wages expense $500,000$