Copy the Inventory Cards from the Inventory Cards tab to the Inventory Cards formulas tab. Highlight the entire inventory cards area and press the "ctrl" key and the "~" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed.

2. Complete the June Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post.

3. Post the June entries to the worksheet columns for the June entries and complete the Trial Balance columns of the Worksheet.

4. Prepare the Bank Reconciliation for June. The information needed for this is on the Bank Rec Info tab and the Reconciliation should be prepared on the Bank Rec tab

5. Prepare any necessary journal entries related to the Bank Reconciliation and post them to the worksheet in the adjustments and Bank rec columns.

6. Copy the Bank REconciliation information to the Bank Reconciliation formulas tab. Highlight the entire area on the formulas tab and press the "ctrl" key and the "~" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed.

7. Review the aging of accounts receivable included with the project and the current balance in the Allowance Account (see worksheet) to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included with your adjusting journal entries.

8. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These should be included on the journal entries sheet.

9. Post the adjusting entries to the worksheet and complete the Adjusted Trial Balance.

10. Prepare the multi step income statement for the year ended June 30, 2019. You must include appropriate dollar signs and appropriate underlines and correct formatting for the statement to receive full credit.

11. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab and the Income Statement from the Income Statement tab to the Income Statement formulas tab. Highlight the entire areas respecively on the formulas tabs and press the "ctrl" key and the "~" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed.

Each student must submit an ORIGINAL EXCEL File (no Numbers, Google docs, Microsoft Online, etc) to the assignment link in Canvas. While students are encouraged to work together, each student must process and format his/her own set of statements. Duplicate submissions (format, not numbers) will result in the students receiving a 0 for the assignment. Just changing the font size or orientation/placement is not really an "original effort".

Make sure that your columns are wide enough so that the numbers are displayed (not #####) when you submit your file. If numbers do not display this will result in a deduction.

Number of Days Outstanding Total 0-3031-60 61-90 91-120 over 120 Accounts Receivable143,693 $129,324 $ 5,748 $2,874 $ 4,311 $ 1,437 0.015 1,940 % Uncollectible 0.05 0.07 0.08 0.15 Estimated Uncollectible $ 2,989 287 201 345 216 Number of Days Outstanding Total 0-3031-60 61-90 91-120 over 120 Accounts Receivable143,693 $129,324 $ 5,748 $2,874 $ 4,311 $ 1,437 0.015 1,940 % Uncollectible 0.05 0.07 0.08 0.15 Estimated Uncollectible $ 2,989 287 201 345 216