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I have been working on the assignment for some time. Using the information, I could not get the unadjusted trial balance to work out correctly.
I have been working on the assignment for some time. Using the information, I could not get the unadjusted trial balance to work out correctly. I have attached my teachers example as well as everything that he gave us. Can you take a look at this and show me how to complete the unadjusted portion and then I can work on the reclassifying and adjusting entries. No other financial statement is nessesary for the assignment.
OBJECTIVE For students to gain experience in using a working trial balance to record changes in account balances as recorded from a client, use reclassifying and adjusting journal entries to update balances, and use this information to prepare financialstatements INSTRUCTIONS: Bob McAdoo sapp lying for a line of credit at his local bank. Bob isa welder and runs his welding company, McAdoo and Sons Welding LLC, as a s ole proprietorship. He has never kept hisbooks using a computerized accounting system and no matter how hard you try you cannot convince him to change his ways As part of the requirement for the new loan, the bank is requ ng financial statements from Bob's company You have prepared Bob's business returns for the past five years. Below isthe Balance Sheet information as of the end of 2015 Assets Liabilities & Equity Cash Accounts Payable 45,780 23,540 Accounts Receivable Payroll Liabilities 124,600 3,500 Property & Equipment Note Bank of America 456,340 45,650 Mote-SB Accumulated Depreciation (152,300) 156,700 Capital Bob McAdoo 245,030 Bob has provided you with a hand-written sheet of all of his cash receipts and disbursements out of the company account during the year. It also shows ending balances for receivables, payables, and all loans that the company has. This will be attached separately for this assignment. Depreciation for the year was $56,300 Bob prepaid three months of rent at the end of the year and included this amount in 'Rent' on the hand-written sheet. Bob's rent is $5,000 each month Bob purchased a forklift for $75,000 from John Deere. The purchase 100% financed by John Deere as Bob's ending cash balance is $68,720. REQUIREMENTS: You will be required to complete financialstatements (including a Balance Sheet, Income Statement, and a Statement of Owners' Capital using the Working Tri al Balance form provided on Canvas. The journal entries tab (marked TEs) must also be completed to detail any necessary journal entries Note I am not concerned whether you consider a journal entry an adjusting or reclassifying entry, so do not worry too much about the distinction You may add or delete lines from the spreadsheets as necessary but your submitted work must be clean and everything must balance
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