i just need the statement if retained earnings and balance sheet please. Thank you!
Accotmting Cycle Problem The John Marshall Company, Inc., which provides consulting services to major utility companies, Was fomed on January 2 of this year. Transactions completed during the first year of operation were as follown: January 2 - Issued 600,000 shares of stock for 510,500,000. January 10 - Acquired equipment in exchange for $2,500,000 cash and a 55,000,000 note payable. The note is due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year period beginning o0 February 1 . February 22 - Purchased 5950,000 of supplies on account March 1 - Paid wages of 5185,600 March 23-Billed 52,820,000 for services rendered on account April I - Paid $110,000 of the amount die on the supplies purchased February 22 April 17 - Collecied $240,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid bill for 596,000 for utilities. May 24-Paid \$43,000 for sales commissions. June 1 - Made the first payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest and $200,000 applied against the principal of the note. June 16 - Billed customers for $550,000 of services rendered. June 30 - Collected $320,000 on accounts receivable. July 10 - Purchased $150,000 of supplies on account. Angust 25 - Paid $155,000 for administrative expenses. September 23 - Paid 531,000 for warchouse repairs. October 1 - Paid general wages of $91,000. November 20 - Purchased supplies for $62,000 cash. December 15 - Collected $145,000 in advance for services to be provided in December and January. The chart of accounts that Marshall Company, Ine. uses is as follows: Assets: 1011021031041101121iabilities:201202203210220CashAccountsreceivableSuppliesPrepaidinsuranceEquipmentAccumulateddepreciationAccountspayableUneamedservicerevenueWagespayableInterestpayableNotespayable REEQURHD: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $400,000. c. The company provided $90,000 of services related to the advance collection of d. There are 5535,000 of suppties on hand at the end of the year. a. An additional 5175,000 of interest has accried on the note by the end of the year. f. Manhall accried wages of 5205,000 at the end of the ear. 5. Prepare an adjurted trial balance as of December 31 . 6. Propare a single-step income statement and tatement of retained earnings for the year ended December 31 and a classified balance sbeet as of Decenber 31 . 7. Joumalize and post the closing entries 8. Prepare a post-clowing trial balance as of December 31 . Sabmit your completed Lxcel workbook in Biack Boand under assignments by the due date