General Instructions:

1. Complete the attached worksheet for the merchandising company using the following additional information:

a. An inventory of supplies on hand amounted to $1,500.

b. Unexpired insurance totalled $4,600

c. A physical inventory counted showed that the balance on hand was $19,500.

2. Make a classified balance sheet and an Income Statement using Excel formulas and proper accounting format. Note: the bank loan is due in 2 years.

3 Record in proper journal format the adjusting and closing entries.

4 Make a post closing trial balance.