D. Determine the balance in each account and prepare an unadjusted trial balance. Be sure the trial balance is in balance before proceeding to the next step. All the trial balances and financial statements are on the final third tab. E. Use the information provided below to prepare all necessary adjusting entries in the general journal. You might need to establish several new accounts. Place the joumal entries back on the first tab with all the other journal entries. The possible adjustments are as follows: - As of May 31 , the company owes its employees $2,950 of wages to be paid on the next payday. - A count of office supplies shows that $9,325 of supplies are on hand. - A review shows that $2,725 of boat customization work has been completed, but has never been paid and was never recorded. - Record depreciation of $3,900 on the equipment. - The notes accrued $587 of interest during May. E. Post the adjusting entries to the t-accounts, establishing new accounts as needed. F. Determine the balance in each account and create an adjusted trial balance on the sheet provided. Be sure the trial balance is in balance before proceeding to the next step. G. Using the adjusted trial balance as your guide, create an income statement, statement of retained earnings and balance sheet on the blanks provided. H. Prepare the necessary closing entries, using an Income Summary account. Place these entries back on the first tab with all the other journal entries. I. Post the closing entries to the t-accounts. J. Determine the balance in each account and create a post-closing trial balance on the sheet provided. K. Once all of this is complete, make sure to save the Excel and upload it to Blackboard. Remember, the work you submit should be yours alone. As you complete chis project, feel free to ask me questions. I will be happy to help you if I can. D. Determine the balance in each account and prepare an unadjusted trial balance. Be sure the trial balance is in balance before proceeding to the next step. All the trial balances and financial statements are on the final third tab. E. Use the information provided below to prepare all necessary adjusting entries in the general journal. You might need to establish several new accounts. Place the joumal entries back on the first tab with all the other journal entries. The possible adjustments are as follows: - As of May 31 , the company owes its employees $2,950 of wages to be paid on the next payday. - A count of office supplies shows that $9,325 of supplies are on hand. - A review shows that $2,725 of boat customization work has been completed, but has never been paid and was never recorded. - Record depreciation of $3,900 on the equipment. - The notes accrued $587 of interest during May. E. Post the adjusting entries to the t-accounts, establishing new accounts as needed. F. Determine the balance in each account and create an adjusted trial balance on the sheet provided. Be sure the trial balance is in balance before proceeding to the next step. G. Using the adjusted trial balance as your guide, create an income statement, statement of retained earnings and balance sheet on the blanks provided. H. Prepare the necessary closing entries, using an Income Summary account. Place these entries back on the first tab with all the other journal entries. I. Post the closing entries to the t-accounts. J. Determine the balance in each account and create a post-closing trial balance on the sheet provided. K. Once all of this is complete, make sure to save the Excel and upload it to Blackboard. Remember, the work you submit should be yours alone. As you complete chis project, feel free to ask me questions. I will be happy to help you if I can
