(I have done the first two parts, just need the remaining questions.) THANKS!

1. On the designated worksheet, prepare in journal entry form the adjusting journal entries for the following items. (Round all numbers to the nearest dollar)

a. On April 1, 2011 a 12-month insurance policy was purchased for $18,000.

b. On January 1, 2011 Hullie & Oates paid Gretsky Advertising $48,000 for two years of advertising services. Equal services are provided in year 1 and year 2.

c. Hullie & Oates needed some additional storage space so on November 1, 2011 they rented a unit for an annual rate of $10,200. The entire amount was expensed when paid.

d. $4,250 of store supplies were purchased during the year and the asset store supplies was increased. $3,850 of these supplies were used during the year.

e. $6,500 of office supplies were purchased during the year and were immediately expensed. $1,500 of these supplies remained at the end of 2011.

f. On July 1, 2011, Hullie & Oates issued a 9-month note receivable to Shanahan & Co. at an annual interest rate of 7%. Principle and interest will be paid at the end of the 9-months. The note was recorded in Notes Receivable and is the only note outstanding.

g. Depreciation for the year is based on the following:

- Straight line depreciation

- Store equipment

Assets were held for the entire year; Residual Value = $7,000; Service life is estimated to be 10 years.

- Office equipment Assets were held for the entire year; Residual Value = $5,000; Service life is estimated to be 5 years.

h. Sales salaries of $6,200 and office salaries of $4,800 remained unpaid at 12/31/11.

i. On October 1, 2011, Hullie & Oates rented a portion of one store to Twist & Chase Co. The contract was for 10 months and Hullie & Oates required the 10 months of cash upfront on October 1st. The rent is being earned equally over the next 10 months. When cash was received, unearned rent was appropriately recorded.

j. The note payable was outstanding the entire year and a 5.5% interest rate exists on the note. No interest has been recorded for the year.

k. Based on past experience, Hullie & Oates calculates bad debt expense at 1% of net sales for the year.

2. After the above adjusting entries are entered on the adjustment worksheet, the amounts should be linked to the adjustments column of the worksheet. Your adjustment amounts should be a formula so if you change the debit/credit amount on the adjustments worksheet, the column amount will automatically change.

3. Complete the adjusted columns by the use of the formula. Think about the best way to do this. Your last two columns should never contain constant numbers but will include formulas only. (Maximum points are given for using an if statement, but the majority of the points are just given for having a proper formula).

4. Prepare a multiple-step income statement on the proper worksheet. Your Income Statement should be in good form (proper titles, etc., use examples from your book) and well formatted. Do your best designating between selling and administrative expenses. You should use formulas in all cells, not constant numbers. (That means, your income statement should be linked to the adjusted numbers on your worksheet.)

5. Prepare a Statement of Stockholders Equity on the proper worksheet. Your Statement should be formatted. You should use formulas in all cells, not constant numbers

6. On the designated worksheet, prepare in journal entry form the closing entries for Hullie & Oates at the end of 12/31/11.

7. Prepare a Classified Balance Sheet on the proper worksheet as of 12/31/11. Your Statement should be formatted. You should use formulas in all cells, not constant numbers.

8. Complete the Ratio Tab.

lowance for doubtful accounts Merchandise inv Prepaid insurence Prepaid advertisi Stores Notes receivable 24000 Accurmalated de Accurmalated de ation office ayable Unearned rent Common stoc Retainedearnings Dividend 25000 Sales return and allowance 457200 Stores list Selling expense Oefice salarie Renexpense 10200 6500 Rent revenue 259300 40050 0500 259300 24000 24000 850 24000 24000 25000 457200 24000 6350 6000 lowance for doubtful accounts Merchandise inv Prepaid insurence Prepaid advertisi Stores Notes receivable 24000 Accurmalated de Accurmalated de ation office ayable Unearned rent Common stoc Retainedearnings Dividend 25000 Sales return and allowance 457200 Stores list Selling expense Oefice salarie Renexpense 10200 6500 Rent revenue 259300 40050 0500 259300 24000 24000 850 24000 24000 25000 457200 24000 6350 6000