Help please! Mainly with question 5. I tried doing others but not sure if they're correct. Thank you in advance!!!

1 Summer 2021 - ACCT 3113 2 Excel Project #1 3 Due Date: Submit in Canvas: June 21, 2021 11:59pm 4 5 6 Required: Rubric 8 points 2 points 8 points 1. Hexagon Enterprises, Inc. has completed its second year of operations. The bookkeeper has prepared the unadjusted trial balance, but is unsure how to appropriately account for various end-of-year information which requires adjusting 7 entries. Prepare the necessary adjusting journal entries on the "Journal Entries" tab. 8 2. Update the T-Accounts on the "T-Accounts" tab to reflect adjusted balances after 9 making the adjusting entries. 10 3. Complete the worksheet on the "Trial Balance" tab. Do not hard-code numerical 11 values - use cell references. 12 4. Prepare the necessary closing entries on the "Journal Entries" tab, and update the t- 13 accounts on the "T-Accounts" to account for these entries. 14 5. On the "Financial Statements" tab, prepare a formal Income Statement, Balance Sheet, and Statement of Retained Earnings. For cells that contain numerical values, do not hard code amounts - amounts should be calculated using formulas or 15 referenced from cells on the "Trial Balance" tab. 16 17 18 19 20 2 points 5 points 21 Prepare each adjusting entry for each of the following: a. During the year, $10,000 was received in advance from clients for services that have not yet been performed. This was recorded as service revenue. 10,000 service revenue deferred revenue 10000 b. Bad debt expense for the year is $15,000. 15,000 bad debt expense accounts receivable 15000 c. Prepaid insurance expired during the year $500. 500 insurance expense prepaid insurance 500 d. Equipment is being depreciated at 20% per year. No depreciation was recorded during the year. depreciation expense accumulated depreciation equipment 20,000 20000 e. Hexagon borroved $82,200 via a 90-day, 5% bank note on December 1, 2020. No interest has been recorded. 343 interest expence interest payable 343 f. Office salaries and wages earned but unpaid December 31, 2021; $3,400. 3,400 salaries and wages expense salaries and wages payable 3,400 g. Dividends of $25,000 vere declared in the month of December. This has not been accounted for yet. 25,000 dividends expense dividends payable 25000 h. $450 of supplies remain at the end of the year. 3470 supplies expense supplies 3470 Prepare closing entries necessary to close temporary accounts at the end of the year: retained earning dividends 25000 25000 78,383 Income summary supplies expense bad debts expense insurance expense depreciation expense rent expense salaries and wages expense utilities expense interest exoense office expense 3,470 15,000 500 20,000 10,000 26,200 1,100 343 1,770 108,117 income summary retain earnings 108,117 fees earned income summary 186,500 186,500 Trial Ralonan T Accelte Financial statement 1 2 3 Hexagon Enterprises, Inc. Trial Balance December 31, 2021 4 5 Adjustments Debit Income Statement Debit Credit Retained Earnings Debit Credit Balance Sheet Debit Credit Credit 15,000 Unadjusted Debit Credit 89,020 103,100 1,500 3,920 1,000 100,000 20,000 89,020 88,100 3.470 500 1,500 450 500 100,000 20,000 10,000 343 3,400 25,000 40,000 10,000 343 3,400 25,000 82.200 15.000 82,200 15,000 17,510 Adjusted Debit Credit 89,020 88,100 1,500 450 500 100,000 40.000 10,000 343 3,400 25,000 82,200 15,000 17.510 25,000 186,500 3,470 15,000 500 20,000 10,000 26,200 1,100 1,770 343 381,453 381,453 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 17,510 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Deferred Revenue Interest Payable Salaries and Wages Payable Dividends Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Supplies Expense Bad Debt Expense Insurance Expense Depreciation Expense Rent Expense Salaries and Wages Expense Utilities Expense Office Expense Interest Expense Totals Net Income Totals 25,000 196,500 186,500 25.000 10,000 3,470 15,000 500 20,000 3,400 10,000 22,800 1.100 1.770 3,470 15,000 500 20,000 10,000 26,200 1,100 1.770 343 78,383 108,117 186,500 343 77,713 332,710 332.710 77.713 186,500 25,000 278,070 17,510 108.117 125.627 177.443 100.627 278,070 332,710 332,710 77,713 77,713 381,453 381,453 186.500 25,000 278,070 34 35 36 37 38 39 40 41 42 43 44 45 46 D B C D E G H M N P Q R S Cash 89,020 Accounts Receivable 103,100 15,000 Allowance for Doubtful Accounts 1,500 Unadj. BalJnadj. Bal. Supplies 3.920 Unadi. Bal. Prepaid Insurance 1,000 Unadi. Bal. 3,470 500 89,020 88,100 1,500 450 500 Deferred Revenue Equipment 100,000 Unadi. Bal. .ccumulated Depreciation - Equipmer 20,000 Unadi. Bal. Interest Payable 10,000 343 100,000 20,000 10.000 343 Salaries and Wages Payable 3,400 Notes Payable Common Stock Bad Debt Expense 15,000 82,200 Unadi. Bal. Service Revenue 196,500 Unadj. Bal. 10,000 15,000 Unadi. Bal. 3,400 82,200 15,000 186,500 15,000 Insurance Expense 500 Depreciation Expense 20,000 Interest Expense 343 Rent Expense 10,000 Unadi. Bal. Unadi. Bal. Salaries and Wages Expense 22.800 3,400 A 1 2 3 Unadi. Bal 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Unadi. Bal. 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 500 20,000 343 10,000 26,200 Utilities Expense 1,100 Unadi. Bal. Office Expense 1,770 Dividends 25,000 Dividends Pavable 25,000 Supplies Expense 3,470 25,000 1,100 1,770 25,000 3,470 3,470 Retained Earnings 17,510 Unadi. Bal. 25,000 108,117 100,627