Gray, Inc. began business operations on January $1,2023.$ Gray, Inc.$$s annual reporting period ends December $31.$

Some events have already occurred and have been recorded; these are reflected in the beginning balances shown

on the accounting equation grid. Analyze the following additional events during $2023$ and complete the

requirements on the other worksheets.

Requirements:

$1)$ Record events a$)$ through i$)$ below in the accounting equation $("$Grid$"$ worksheet, rows $7-15)$

$2)$ Record events a$)$ through i$)$ below as journal entries $("$J$-$Es$"$ worksheet, rows $1-46)$

Note: See the instruction in row $1$ of the $"$J$-$Es$"$ sheet about Account Names and Basic Acct Eq$.$ Impacts.

Although there was only one column for expenses on the grid, in your journal entries you must use

the appropriate expense account names from the chart of accounts.

$3)$ Prepare an Unadjusted Trial Balance $("$UnAdj TB$"$ worksheet$)$

$4)$ Record events i$)$ through p$)$ in the accounting equation $("$Grid$"$ worksheet, rows $17-24)$

$5)$ Record events i$)$ through p$)$ below as journal entries $("$J$-$Es$"$ worksheet, rows $48-87)$

$6)$ Prepare an Adjusted Trial Balance $("$Adjusted TB$"$ worksheet$)$

$7)$ Prepare all four financial statements $("$Fin Stmts$"$ worksheet$)$

Events:

a$)$ Purchased $$14,800$ of equipment for use in the business, paid $$1,480$ in cash and the rest was on account.

b$)$ Purchased $$1,200$ supplies on account for future use.

c$)$ Customers paid $$7,500$ in advance for future services.

d$)$ Earned $$127,500$ in service revenues for $2021,$ including $$93,800$ on credit and $$33,700$ collected in cash.

e$)$ Collected accounts receivable, $$17,900.$

f$)$ On Oct. $31,$ paid $$9,600$ to rent a building for $12$ months, starting on Nov. $1.$

g$)$ Paid accounts payable, $$12,400.$

h$)$ Declared and paid a $$24,000$ cash dividend.

Information for Adjustments:

i$)$ Gray recorded $$3,500$ in service provided that had been collected in event $($c$),$ but had not yet been recorded.

j$)$ During December, Gray accrued $$4,740$ in service that had been provided to customers on account.

k$)$ Wages of $$10,600$ earned by employees since the December $22$nd payroll were not yet paid.

l$)$ Determined after a year$-$end count that $$2100$ of supplies remained on hand at the year.

m$)$ Accrued annual interest at $5\mathrm{.}0\%$ on the outstanding balance of the loan $($promissory note$).$

n$)$ Building rental expenses for the year, paid in transaction $($f$),$ had not yet been recorded.

o$)$ Depreciation for the year on the equipment was $8\%$ of the year$-$end Equipment account balance.

p$)$ Income tax for the year was $$23,800.$ It will be paid in $2022.$