Hartz Corporation needs help in preparing their year-end financial statements. Their accountant made no journal entries during the year so all transactions must be recorded. The beginning balances have been verified as correct.

During the year, the following transactions took place:

1. The company received $50,000 from investors in cash and issued common stock.
2. The company billed customers for services rendered, $50,000.
3. The company purchased supplies on account for $2,500.
4. The company paid for one-year insurance policy for $24,000.
5. The company purchased equipment for $50,000 and signed a note payable.
6. The company received a deposit for $18,000 for 12 months service paid in advance.
7. The company paid $3,500 of accounts payable.
8. The company received $30,000 from customers previously billed.
9. The company paid $20,000 in expenses.
10. The company paid a dividend of $2,500.

Information for Adjusting Entries

1. At the end of the year, the company had $2,000 of supplies on hand.
2. The prepaid insurance was a one-year policy purchased on October 1.
3. The equipment was expected to last ten years with no salvage value.
4. The $18,000 deposit was for on-year service and was received on July 1.
5. The note payable was signed on October 1 with an interest rate of 3.00%.
6. The company has a weekly payroll of $10,000 for a five-day week. The year-end was on a Wednesday.

Required

Enter the ten transactions on the spreadsheet.

Enter the adjustments on the spreadsheet.

Using the after adjustment totals, calculate the totals that would appear on the financial statements.

Please use the excel Example given

Accounts for Doubtful Receivable Accounts 15,000 Cash 25,000 Prepaid Accum Supplies Insurance Equipment Depreciation 500 Unearned Revenue Accounts Salaries Interest Payable Payable Payable 5,500 Beginning Balance 1 2 3 4 5 6 7 8 9 10 11 Pre-Adjustment Balances 25,000 15,000 500 5,500 Accounts Revenue Cash 25,000 Receivable 15,000 Supplies Insurance Equipment Depreciation 500 Pre-Adjustment Balances Payable Payable Payable 5,500 JE 1 AJE 2 AJE 3 AJE 4 AJE 5 AJE 6 Adjusted Balances 25,000 15,000 500 5,500 Revenue Expenses Sheet1 + Revenue Expenses Net Income Total Assets Total Liabilities Common Stock Ending Retained Earnings Total Equity Balance Sheet Balances YES Accounts for Doubtful Receivable Accounts 15,000 Cash 25,000 Prepaid Accum Supplies Insurance Equipment Depreciation 500 Unearned Revenue Accounts Salaries Interest Payable Payable Payable 5,500 Beginning Balance 1 2 3 4 5 6 7 8 9 10 11 Pre-Adjustment Balances 25,000 15,000 500 5,500 Accounts Revenue Cash 25,000 Receivable 15,000 Supplies Insurance Equipment Depreciation 500 Pre-Adjustment Balances Payable Payable Payable 5,500 JE 1 AJE 2 AJE 3 AJE 4 AJE 5 AJE 6 Adjusted Balances 25,000 15,000 500 5,500 Revenue Expenses Sheet1 + Revenue Expenses Net Income Total Assets Total Liabilities Common Stock Ending Retained Earnings Total Equity Balance Sheet Balances YES