I need help filling preparing closing book entries with the information. provided. The first picture is of the cash budget . The second picture is

the closing entries that need to be filled in .

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8 9 Cash Budget 2021 0 Beg Cash 1 Collections 2 Disbursements 3 DM 4 DL E5 Total OH Costs 26 VSGA 27 FSGA 28 Capital Purchases 29 Interest Expense 30 Tax Expense 31 Change to Cash Balance 2 Trfd (To)/From Savings 33 Loans borrowed (repaid) 34 35 Ending Cash 36 Q1 $5,909 $420,000 19563 $19.563 ($64,000) $204.600 $18,200 $90.000 $0 $0 ($6 387) Q2 Q3 Q4 $0 $0 $56,205 $450,000 $600,000 $840,000 25568 35573 48913 $25 568 $35 573 $48,913 $97,759 $136.000 $187.000 $187,855 $196,725 $249.025 $20.800 $31,200 $41,600 $90,000 $90.000 $90.000 $330.498 $0 $720 $10.020 $18.030 $41,711 $0 $2,000 $24,000 $310,000 ($67,000) 248000 $49.159 $55,968 $89,449 $5,170 37 38 39 Sheet1 + Ready Accessibility: Investigate Horksheet Credit Debit Credit - Debit 5.909 2,000 210,000 TE 2,400,000 200,000 T 60.000 5.000 53, 545 Savings Account Accounts Receivable Inventory Fixed Assets-Mig 3 Fixed Assets-SG&A 4 Accum Depreciation-Mfg 5 Aecum Depreciation-SG&A Accounts Payable 7 Loans Payable Interest Payable 9 Income Tax Payable (Benefic) 0 Capital Stock 21 Additional Paid in Capital 22 RetainedEarnings 3 Sales 24 COGS 25 SG&A Expenses 26 Interest Expense 27 Income Tax Expense 6.387 300.000 2.500.000 14.904 29 Totals $ 2,939,836 $ 2,939 836 Prepare the adjusting and closing entries for 2021 based on the budgeted income statement 4 5 6 Beginning Bal Adjusting Entries Closing Entries Ending Bal 7 Worksheet Debit Credit Debit Credit Debit Credit Debit Credit 8 Cash 5,909 9 Savings Account 2,000 10 Accounts Receivable 210,000 480,000 11 Inventory 121,927 121,927 12 Fixed Assets-Mfg 2,400,000 13 Fixed Assets-SG&A 200,000 14 Accum Depreciation-Mfg 60,000 15 Accum Depreciation-SG&A 5,000 16 Accounts Payable 53,545 108,831 17 Loans Payable 18 Interest Payable 19 Income Tax Payable (Benefit) 6,387 20 Capital Stock 300.000 21 Additional Paid in Capital 2,500,000 22 Retained Earnings 14.904 23 Sales 24 COGS 25 SG&A Expenses 26 Interest Expense 27 Income Tax Expense 28 29 Totals $ 2,939,836 $ 2,939.836 $ 2,580,000 $2,580,000 $ 3,535,595 $ 3,535,595 30 31 32 Sheet1 + Ready Accessibility: Good to go Budget Project: Sales, Production, Direct Materials, and Dire OM Budget Solution: DM Q1 02 Q3 Q4 Annual Budget Units to 7.200 8,800 12,800 14,200 43,000 Produce DM per unit 2.3 2.3 2.3 2.32.3 16,560 20,240 29,440 32,66098,900 Total pounds DM +End Inv -Beg Iny DM Required 4,048 -3,312 5,888 6,532 3,3123,312 -4,048 -5,888 -6,532-3,312 17,296 22,080 30,084 29,440 98,900 Cost per $1.45 $1.45 $1.45 $1.45 $1.45 pound Total Cost of $25,079 $32,016 $43,622 $42,688 $143,405 DM Project: Overhead Budget and selling, General, and Administrative et Feb 13, 20 GRADED O (? O Q2 $480,000 -376.535 of Goods Sold Profit A Expenses ating Profit est Expense ble Income Q1 $420,000 -377,195 $42,805 ($108,200) ($65,395) SO ($65,395) SO $14,904 $103,465 ($110.800) ($7,335) ($720) ($8,055) SO Q3 Q4 $720,000 $960.000 -449.745 -566,385 $270,255 $393,615 ($121,200) ($131,600) $149,055 $262.015 ($10,020) ($18,030) $139,035 $243,985 ($41,711) ($73,195) $63,535 $102,445 me Tax Income $25,529 Jan 23, GRADE Budget Project: Sales, Production, Direct Materials, and Dire DM Budget Solution: Q1 Q2 Q3 04 Annual DM Budget Units to Produce 7,200 8,800 12.800 14,200 43,000 DM per 2.3 2.3 2.3 2.32.3 16,560 20,240 29,440 32,660 98,900 unit Total pounds DM +End Iny -Beg Iny DM Required 4,048 5,888 6,532 3,3123,312 -3,312 -4,048 -5,888 -6,532-3,312 17,296 22,080 30,084 29,440 98,900 Cost per $1.45 $1.45 $1.45 $1.45 $1.45 pound Total Cost of $25,079 $32,016 $43,622 $42,688 $ 143,405 DM [ Project: Overhead Budget and selling, General, and Administrative get Feb 13, 20 GRADED 8 9 Cash Budget 2021 0 Beg Cash 1 Collections 2 Disbursements 3 DM 4 DL E5 Total OH Costs 26 VSGA 27 FSGA 28 Capital Purchases 29 Interest Expense 30 Tax Expense 31 Change to Cash Balance 2 Trfd (To)/From Savings 33 Loans borrowed (repaid) 34 35 Ending Cash 36 Q1 $5,909 $420,000 19563 $19.563 ($64,000) $204.600 $18,200 $90.000 $0 $0 ($6 387) Q2 Q3 Q4 $0 $0 $56,205 $450,000 $600,000 $840,000 25568 35573 48913 $25 568 $35 573 $48,913 $97,759 $136.000 $187.000 $187,855 $196,725 $249.025 $20.800 $31,200 $41,600 $90,000 $90.000 $90.000 $330.498 $0 $720 $10.020 $18.030 $41,711 $0 $2,000 $24,000 $310,000 ($67,000) 248000 $49.159 $55,968 $89,449 $5,170 37 38 39 Sheet1 + Ready Accessibility: Investigate Horksheet Credit Debit Credit - Debit 5.909 2,000 210,000 TE 2,400,000 200,000 T 60.000 5.000 53, 545 Savings Account Accounts Receivable Inventory Fixed Assets-Mig 3 Fixed Assets-SG&A 4 Accum Depreciation-Mfg 5 Aecum Depreciation-SG&A Accounts Payable 7 Loans Payable Interest Payable 9 Income Tax Payable (Benefic) 0 Capital Stock 21 Additional Paid in Capital 22 RetainedEarnings 3 Sales 24 COGS 25 SG&A Expenses 26 Interest Expense 27 Income Tax Expense 6.387 300.000 2.500.000 14.904 29 Totals $ 2,939,836 $ 2,939 836 Prepare the adjusting and closing entries for 2021 based on the budgeted income statement 4 5 6 Beginning Bal Adjusting Entries Closing Entries Ending Bal 7 Worksheet Debit Credit Debit Credit Debit Credit Debit Credit 8 Cash 5,909 9 Savings Account 2,000 10 Accounts Receivable 210,000 480,000 11 Inventory 121,927 121,927 12 Fixed Assets-Mfg 2,400,000 13 Fixed Assets-SG&A 200,000 14 Accum Depreciation-Mfg 60,000 15 Accum Depreciation-SG&A 5,000 16 Accounts Payable 53,545 108,831 17 Loans Payable 18 Interest Payable 19 Income Tax Payable (Benefit) 6,387 20 Capital Stock 300.000 21 Additional Paid in Capital 2,500,000 22 Retained Earnings 14.904 23 Sales 24 COGS 25 SG&A Expenses 26 Interest Expense 27 Income Tax Expense 28 29 Totals $ 2,939,836 $ 2,939.836 $ 2,580,000 $2,580,000 $ 3,535,595 $ 3,535,595 30 31 32 Sheet1 + Ready Accessibility: Good to go Budget Project: Sales, Production, Direct Materials, and Dire OM Budget Solution: DM Q1 02 Q3 Q4 Annual Budget Units to 7.200 8,800 12,800 14,200 43,000 Produce DM per unit 2.3 2.3 2.3 2.32.3 16,560 20,240 29,440 32,66098,900 Total pounds DM +End Inv -Beg Iny DM Required 4,048 -3,312 5,888 6,532 3,3123,312 -4,048 -5,888 -6,532-3,312 17,296 22,080 30,084 29,440 98,900 Cost per $1.45 $1.45 $1.45 $1.45 $1.45 pound Total Cost of $25,079 $32,016 $43,622 $42,688 $143,405 DM Project: Overhead Budget and selling, General, and Administrative et Feb 13, 20 GRADED O (? O Q2 $480,000 -376.535 of Goods Sold Profit A Expenses ating Profit est Expense ble Income Q1 $420,000 -377,195 $42,805 ($108,200) ($65,395) SO ($65,395) SO $14,904 $103,465 ($110.800) ($7,335) ($720) ($8,055) SO Q3 Q4 $720,000 $960.000 -449.745 -566,385 $270,255 $393,615 ($121,200) ($131,600) $149,055 $262.015 ($10,020) ($18,030) $139,035 $243,985 ($41,711) ($73,195) $63,535 $102,445 me Tax Income $25,529 Jan 23, GRADE Budget Project: Sales, Production, Direct Materials, and Dire DM Budget Solution: Q1 Q2 Q3 04 Annual DM Budget Units to Produce 7,200 8,800 12.800 14,200 43,000 DM per 2.3 2.3 2.3 2.32.3 16,560 20,240 29,440 32,660 98,900 unit Total pounds DM +End Iny -Beg Iny DM Required 4,048 5,888 6,532 3,3123,312 -3,312 -4,048 -5,888 -6,532-3,312 17,296 22,080 30,084 29,440 98,900 Cost per $1.45 $1.45 $1.45 $1.45 $1.45 pound Total Cost of $25,079 $32,016 $43,622 $42,688 $ 143,405 DM [ Project: Overhead Budget and selling, General, and Administrative get Feb 13, 20 GRADED