Excalibur Corporation sells video games for personal computers. The unadjusted Req $1$

Req $2A$

Req $2$B

Req $2C$

Req $3$

Complete the worksheet below.

$\backslash$table$[[$Account Title,$\backslash$table$[[$Unadjusted Trial$],[$Balance$]],$Adjusting Entries,$\backslash$table$[[$Adjusted Trial$],[$Balance$]],$Income Statement,Balance Sheet$],[$Debit$,$Credit,Debit,Credit,Debit,Credit,Debit,Credit,Debit,Credit$],[$Cash$,$$$47,990,,,,,,,,,],[$Accounts receivable,$22,000,,,,,,,,,],[$Supplies$,2,500,,,,,,,,,],[$Prepaid rent,$19,000,,,,,,,,,],[$Inventory$,51,000,,,,,,,,,],[$Office equipment,$63,000,,,,,,,,,],[$Accumulated depreciation,,$$8,190,,,,,,,,],[$Accounts payable,,$24,400,,,,,,,,],[$Salaries payable,,$2,800,,,,,,,,],[$Notes payable $($long$-$term$),,28,200,,,,,,,,],[$Interest payable,,$0,,,,,,,,],[$Common stock,,$70,000,,,,,,,,],[$Retained earnings,,$14,200,,,,,,,,],[\backslash$table$[[$Dividends$]],5,250,,,,,,,,,],[$Sales revenue,,$205,000,,,,,,,,],[$Cost of goods sold,$107,500,,,,,,,,,],[$Interest expense$],[$Salaries expense,$29,950,,,,,,,,,],[$Rent expense$],[$Supplies expense$],[$Utilities Expense,$4,600,,,,,,,,,],[$Depreciation expense$],[,,,,,,,0,$$$,$$$,$$trial balance as of December $31,2024,$ appears below. December $31$ is the company$$s reporting year$-$end. The company uses the perpetual inventory system.

Account Title Debits Credits

Cash $ $47,990$

Accounts receivable $22,000$

Supplies $2,500$

Prepaid rent $19,000$

Inventory $51,000$

Office equipment $63,000$

Accumulated depreciation $ $8,190$

Accounts payable $24,400$

Salaries payable $2,800$

Notes payable $($long$-$term$)28,200$

Common stock $70,000$

Retained earnings $14,200$

Dividends $5,250$

Sales revenue $205,000$

Cost of goods sold $107,500$

Interest expense $0$

Salaries expense $29,950$

Rent expense $0$

Supplies expense $0$

Utility expense $4,600$

Totals $ $352,790$ $ $352,790$

Information necessary to prepare the year$-$end adjusting entries appears below.

The office equipment was purchased in $2022$ and is being depreciated using the straight$-$line method over an eight$-$year useful life with no residual value.

Accrued salaries at year$-$end should be $$4,200.$

The company borrowed $$28,200$ on September $1,2024.$ The principal is due to be repaid in $10$ years. Interest is payable twice a year on each August $31$ and February $28$ at an annual rate of $10\%.$

The company debits supplies when supplies are purchased. Supplies on hand at year$-$end cost $$380.$

Prepaid rent expired during the period is $$13,500.$

Cash dividends paid to shareholders during the year amounted to $$5,250.$

Required:

$1.$ Complete the worksheet below.

$2-$a$.$ Use the information in the worksheet to prepare an income statement for $2024.$

$2-$b$.$ Use the information in the worksheet to prepare a statement of shareholders$$ equity for $2024.$

$2-$c$.$ Use the information in the worksheet to prepare a balance sheet as of December $31,2024.$

$3.$ Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts.