How do I create the financial statements such as the income statement, statement of owners equity, and a balance sheet from the adjusted trial balance ?

skylor cook Account Name BIO Raider Adventure Park Adjuscd 10 Balano Debt Credit sash sign Equipment dvertising expanse ACTIVIU counts ACCOUNT 100 $8810 31000 Noinapinski, capital 10000 for pubic 2100 1050 250 5050 165 fuld Insurance 495 appucs Tapon 208 Accounts payable 120 2560 JCKEL Revenue nowing cponce WOOos Aponso 700 Milannel withdraws 360 Vhcarncd rovanie Thuresi Ourenses 100 Intcrcst payapic Supplies dopreaction exponses nacumulace Dipicaat on Equipment Acumuidhic Depreciation on Acumuidied Doprccidt on your courses wagos panjabio Total $ 20,743 100 150 $20,743 Skylon Chapter 2 (Accounting Cycle Steps 2, 3. & 4) ACCOUNTING CYCLE STEP ournalire each of the following transactions in the general journal: you may papers in your packet Wal Journal: you may omit explanations. Use the general Journal working of the following Blue Raider Adventure Park (BRAP August 1 Matt opens ab August 1 Mates a business checking account in the named BRAP and makes an initial deposit of $7,000. att had previously withdrawn this $7.000 from his personal savings account Unable to borrow money from the local banken his youth, lack of busines LR OF a substantial credit hist h ir ather sally corts Matt's eroristo an entrepreneur, so he loans Matt $10.000 at interest to be repaid in two years. Matt deposits these funds into the BRAP checking account August 7 Matt goes to Play It Again Sports and pays $2.100 to purchase gently used canoes, paddles mifejackets, ziplining harnesses, etc. to be used the park. These items will collectively be identified as "Equipment in the accounting records. August 15 Matt purchases a large, attractive sien for the new park at a cost of $650. The sign maker knows Matt's family, so she agrees to extend credit to BRAP for 30 days August 20 BRAP pays $250 to create, print and distribute flyers to all the local schools and youth organizations to advertise that the new park will open on September 1. August 28 BRAP pays a total of $5,650 to have the child-appropriate obstacle and zipline courses constructed that same day: inspection and certification are included in these amounts. (These two courses will collectively be identified as "Activity Courses in the accounting records.) september 1 Matt recognizes the fact that he could be sued if a child gets hurt in the park, so BRAP pays $660 to purchase 4 months of general liability insurance for coverage from September 1 through December 31. September 7 Matt establishes a 30-day credit account at a local business on behalf of BRAP. He immediately uses the account to purchase $420 in various supplies for the park. September 10 BRAP sells 60 tickets for $15 each to local school children for admission to the park on that same day. (All ticket sales by BRAP are cash sales unless otherwise noted.) September 14 BRAP pays for the sign purchased on August 15. September 17 The Boys and Girls Club of Rutherford County brings 90 disadvantaged children to BRAP. Matt agrees to accept a reduced price of $11.00 per ticket and wait 30 days to receive payment, which will be paid by the Club rather than by the children. September 18 BRAP pays $60 to have the grass mowed at the park. September 22 BRAP sells 45 tickets for $15 each for children in two local Boy Scout troops for admission to the park on that same day. eptember 24 BRAP receives a check from the Boys and Girls Club of Rutherford County in the amount of $325 to partially pay for the tickets purchased on September 17. ptember 25 BRAP pays wages in the amount of $380 to two of Matt's friends who worked on days when children were in the park to assist the children with the various activities. ptember 28 Matt is satisfied that BRAP has more than a sufficient amount of operating cash in its checking account, so he writes himself a company check for $700 and deposits it into his own personal checking account. Cember 30 BRAP receives a check in the amount of $360 from Ms. Hughes, a local teacher, to purchase tickets for her 2nd graders. She plans to bring them to BRAP for a field trip on October 3. Helpful Hints Journalizing is the process of recording each transaction in the general Journal in chronological (date) order using appropriate account titles and properly characterizing the increase or decrease to each account as either a debit or a credit, based on the account's normal balance. Debit lines are listed first, credits account titles are slightl- indented, and DEBIT AMOUNTS MUST EQUAL CREDIT AMOUNTS for each and every individual transaction. Blue Raider Adventure Park Chart of Accounts 165 166 Account Account Title Number 101 Cash 106 Accounts Receivable 126 Supplies 128 Prepaid Insurance 163 Equipment 164 Accumulated Depreciation - Equipment Sign Accumulated Depreciation - Sign Activity Courses 168 Accumulated Depreciation - Activity Courses 201 Accounts Payable 210 Wages Payable 236 Unearned Revenue 240 Interest Payable 275 Notes Payable 301 M. Lapinski, Capital 302 M. Lapinski, Withdrawals 403 Ticket Revenue 612 Advertising Expense 625 Depreciation Expense 632 Insurance Expense 640 Interest Expense 653 Mowing Expense 670 Supplies Expense Supplies Eynence 682 Wages Expense 999 Income Summary Helpful Hints The Chart of Accounts is a list of all of the company's accounts and the number assigned to each account. The accounts will appear in this same order in the general ledger. ACCOUNTING CYCLE STEP R e h a lleder account balances for acco by the adjusting entries, if you haven't already done so and then develop another trial dance consistent with the format of your undiusted trial balance. This new trial balance is dentified as an adjusted trial balance to reflect the fact that the account balances now include the effect of all adjusting entries. No working papers have been provided for this step, so you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class. Helpful Hints Remember to list your accounts in financial statement order, just as you did for your unadjusted trial balance. Check Figurer Debits and credits must each equal $20,743. ACCOUNTING CYCLE STEP 7: Use the accounts and balances on the adjusted trial balance to prepare financial statements. Refer to Exhibit 3.14 in your textbook for an illustration of how the numbers from an adjusted trial balance flow to the financial statements. No working papers have been provided for this step, so you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class. Helpful Hints The income statement is always prepared first because we need the output of the income statement (net income) to prepare the second financial statement, the statement of owner's equity. The statement of owner's equity must be prepared second because we need the output of the statement of owner's equity (the ending capital account balance) to prepare the third financial statement, the balance sheet. The fact that all three financial statements tie together in this way is referred to as articulation. Recall that the accounts on the adjusted trial balance are listed in financial statement order (assets, liabilities, owner's equity, revenues, and expenses). so the accounts you need for each statement are effectively grouped together. Each account is reported on only ONE financial statement. Specifically note the difference between the format of a trial balance and a balance sheet. Many beginning accounting students frequently confuse these two due to the naming similarity, but they are two very distinct documents! Check Figures: Net income = $1,024 Total Assets = $18,354