HERE IS THE ASSIGNMENT ^ PLEASE USE THE DATA TABLES PROVIDED BELOW TO RE-CREATE THE NECESSARY INCOME STATEMENT, STATMENT OF OWNERS EQ, AND BALANCE SHEET AS LISTED IN PART d.

THANKS IN ADVANCE!! :)

It is now the end of December. Your mother is curious to know if the business has been profitable and if you will need another loan to help finance the business. You would also like to know if you have been profitable during the first month of operation. In order to determine the business' income, you must first make some adjusting entries and you have put together the following additional information: 1 The supplies were counted and costed out. There are $115 of office supplies remaining. 2 On December 31, you delivered smoothies to John's Gym and, although you also delivered the invoice, you had forgotten to record it. The invoice was for $180 and is due in 30 days. 3 Because the above order was last-minute, you hired your friend for 4 hours on December 31 to help you make the smoothies. You will pay her on January 3 at an hourly rate of $15. Depreciation on the juicing machine must be recorded. The useful life of the machine is 48 months. (Round depreciation amount to the nearest dollar) 5 The interest on the loan will be paid at the end of the loan term. Assume that 22 days interest has accrued on the loan by December 31 and the annual interest rate is 4%. Instructions a. Prepare the adjusting journal entries. Round all amounts to the nearest dollar. b. Post the entries to general ledger accounts. C. Prepare an adjusted trial balance as at December 31, 2021. d. Using the adjusted trial balance, prepare an income statement, statement of owner's equity, and balance sheet for the business' first month of operations. a. Journal entries: PR 110 Dec. 1 850 Equipment Jones, Capital 310 850 7 910 Cash Jones, Capital 110 310 910 lo 2,800 Cash Note Payable 110 260 2,800 12 330 Advertising Expense Cash 508 110 330 17 205 Supplies Cash 140 110 205 21 295 AR - Fred's Yoga Sales Revenue 130 410 295 28 102 Telephone Exp. AP 563 210 102 29 120 Cash Unearned Revenue 110 230 120 30 80 Jones, Drawings Cash 320 110 80 b. General Ledger: Cash PR G1 G1 Date Dec 7 9 12 17 29 30 Acct #110 Debit Credit Balance 910 910 2,800 3,710 330 3,380 205 3,175 120 3,295 80 3,215 G1 Accounts Receivable Acct #130 Credit PR ebit Date Dec 21 G1 Balance 295 295 Supplies PR Debit Date Dec 17 Acct #140 Credit Balance 205 G1 205 Equipment Debit Date Dec 1 PR G1 Acct #160 Credit 850 Balance 850 Accumulated Depreciation-Equipment Date PR Debit Acct #161 Credit Balance [ Accounts Payable Debit Date Dec 28 PR G1 Acct #210 Credit 102 Balance 102 Unearned Revenue Debit Date Dec 29 PR G1 Acct #230 Credit 120 Balance 120 Wages Payable Acct #240 Credit Balance Date PR Debit Interest Payable Acct #245 Credit Date PR Debit Balance Notes Payable Debit Date Dec 9 PR G1 Acct #260 Credit Balance 2,800 2,800 Date Dec 1 7 Capital PR Debit G1 G1 Acct #310 Credit Balance 850 850 910 1,760 Date Dec 30 Drawings PR Debit G1 Acct #320 Credit Balance 80 80 Sales Revenue Debit Date Dec 21 PR G1 Acct #410 Credit Balance 295 295 Advertising Expense Date Dec 12 PR G1 Acct #508 Debit Credit Balance 330 330 Depreciation Expense Acct #515 Credit Balance Date PR Debit Interest & Bank Charges Expense PR Debit Acct #527 Credit Date Balance Supplies Expense Acct #550 Credit Date PR Debit Balance Telephone Expense Date Dec 28 PR G1 Acct #563 Debit Credit Balance 102 102 Wages Expense Acct #570 Credit Date PR Debit Balance Jones Smoothies Trial Balance December 31, 2020 Credit Debit 3,215 295 205 850 Acc # 110 130 140 160 161 210 230 260 310 320 410 508 563 Cash Accounts receivable Supplies Equipment Accum. depreciation Accounts payable Unearned revenue Notes payable Jones, Capital Jones Drawings Sales revenue Advertising expense Telephone expense Totals 102 120 2,800 1,760 80 295 330 102 5,077 5,077