Financial information for the year ending December 31 2020 for Grace Company is provided in the second tab in the excel file. The books are only closed at the end of the year (meaning items such as depreciation are only posted at year end). The following items have yet to be reflected in the General Ledge: Other information: A. The Note Receivable was issued on April 1st 2020. Interest of 15% per year and principal are due on March 31 2021. B. Depreciation for the year for the building is $850. C. The bank statement was received in early January of the following year. The bank statement showed items that were not reflected in the General Ledger: a. A cheque was returned for $500. This related to a sale. It is most likely that this amount will be collected in the near future. b. The bank charged $20 in service charges for the month of December. c. A cheque to pay an accounts payable in the amount $450 was incorrect posted as $540 D. The $4,200 in the Prepaid Expense represents a transaction posted on November 1 for the prepayment of rent for November, December and January. E. The $3,600 in Deferred Revenues represents funds received in November for work performed in December ($1,100) and work to be performed in January ($2,500) F. The $700 in Wages payable was posted in December 31 2019 for wages incurred in 2019 but paid in 2020. G. $1,000 in wages was paid on January 5, 2021: $400 related to December 2020 and $600 for January 2021 H. A $260 invoice was received on January 21 2021 for Hydro the period December 15 2020 to January 15 2021 Required In the file provided Assignment 3 General Ledger, record each of the transactions as they relate to the year ended December 31, 2020. Prepare an Income Statement and Balance Sheet. Home Insert Draw Page Layout Formulas Data Review View Acrobat Tell me Share Comments Calibri (Body 11 ~AA Custom Insert 22 w y F Conditional Formatting Format as Table Cell Styles DX Delete WES Peste BI U O A $ % ) 8 > v Format Sart & Filter Sensitivity v Find & Select Analyze Data Create and Share Adobe PDF H36 X fx 3 n F F G H 1 1 1 M N - R T x Y 7 MA A AT AD NE IF 18 AI NI es = 1 1 Lab + Transeus Pris pants =1 NO PA Bium stock Icruisteren BV EC 2,000 -- Hsial U EC 25 U Ud! Fiat 2 3,809 Dit is E 4,000 RD 11 20.000 4,200 12.DDO SD DOD 9200 TOD 2.DDO 39.JID 5 7 10 31 13 13 35 16 17 18 19 20 31 22 3a 24 35 26 27 28 29 10 Draw Page Layout Formulas Data Review View Acrobat Tell me V Calibri (Body) Conditional Formatting Insert v Ai V 11 Custom Til Lili 191 IM 1|| TIL Format as Table v Delete v OEM BI U v v .00 v $ v % too - > v Cell Styles Format v fx AF AG AH AI AJ AK AL AM AN AO AP AC AR AS AT AU AV AV AX AY AZ BA BB Shareholder Equity Revenues PROOF Retained Earnings DR CR 39,710 Dividens Paid DR CR Interest and Bank Expenses DR CR 540 DR Wages Expense DR CR 8,700 CR Other Expenses DR CR 3,470 Total DR Total CR 25,700 82,910 -,910
