Excalibur Corporation selts video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears below December 31 is the company's reporting year-end. The company uses the perpetual inventory system Credits Debits 90,945 29,500 73,500 93,000 Account Title Cash Accounts receivable Supplies Prepaid rent Inventory Office equipent Accumulated depreciation Accounts payable Salaries payable Notes payable Comon stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Hent expense Supplies expense Utility expense Totals 12,090 40,900 5,800 32,700 145,000 22,450 10,875 280,000 145,000 a 65,950 20,600 2,720 5,850 538,940 538,940 Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2019 and is being depreciated using the straight line method over an eight-year useful life with no salvage value 2. Accrued salaries at year and should be $8.700, 3. The company borrowed $32,700 on September 1, 2021. 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% A The company debits supplies expense when supplies are purchased Supplies on hand at year-end cost $680, S Prepaid rent at year end should be $1550 HUVI essay tu preure you guys OPPO WEW 1. The office equipment was purchased in 2019 and is being depreciated using the straight-line method over an eight-year useful with no salvage value 2. Accrued salaries at year-end should be $8.700, 3. The company borrowed $32,700 on September 1, 2021. 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% 4. The company debits supplies expense when supplies are purchased Supplies on hand at year-end cost $680. 5. Prepaid rent at year-end should be $1,550 1. Complete the worksheet below. 2.0. Use the information in the worksheet to prepare an income statement for 2021 2.b. Use the information in the worksheet to prepare a statement of shareholders' equity for 2021 2.c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2021 3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 28 Reg 2C Reg 3 Complete the worksheet below. Account Title Adjusting Entries Dr. Cr Unadjusted Trial Balance Dr. Cr $ 90.945 29,500 Adjusted Tral Balance Dr. Cr Income Statement Balance Sheet Dr. . Dr. 'cr. Accounts receivable Supplies Prepaident Inventory Chcement Accurated deprecation 73,500 93 000 11 Income Statement Balance Sheet Account Title Unadjusted Trial Balance Dr. Cr. $ 90,945 29,500 Adjusting Entries Dr. Cr. Adjusted Trial Balance Cr. Dr. Dr. Cr. Dr. Cr. 73,500 93 000 Cash Accounts receivable Supplies Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Sales expense Rent opene Supplies expense Uses Experese Depreciation expense $ 12.090 40.900 5,800 32,700 0 145.000 22.450 10,875 280,000 145 000 65 950 20,600 2,720 6,850 Net Income S 0 $ 0 $ 0 $ 0 Totals S 538 940 S 538 940 $ 0 $ 0 $ Os 0 $ 0$ 0 $ $ 0 RA Reg 2A > piele uns question by eller my your answers ir ure tous Leg 1 Req 2A Req 2B Req 2c Req3 e the information in the worksheet to prepare an income statement EXCALIBUR CORPORATION Income Statement For the Year Ended December 31, 2021 0 0 O S 0 Reg 1 Reg 28 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2c Req 3 Use the information in the worksheet to prepare a statement of shareholders' equity for 2021. EXCALIBUR CORPORATION Statement of Shareholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Shareholders' Equity Balance at January 1, 2021 Balance at December 31, 2021 Use the information in the worksheet to prepare a balance sheet as of December 31, 2021. (Amoun be indicated by a minus sign.) EXCALIBUR CORPORATION Balance Sheet At December 31, 2021 Assets 0 $ 0 Liabilities and Shareholders' Equity $ 0 Liabilities and Shareholders' Equity 0 0 S $ 0 Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts using retained earnings. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal Journal entry worksheet
