I need help on the Financial Statement part of the project! The first two parts of the project are done.

I provided pictures of the project. The ones that are blank at the financial statement part of the project.

Scenario

You are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is a startup and so small, the accounting is done manually in Microsoft Excel. You have been given the accounts and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the finance department. The business owners have also asked you to summarize the companys performance based on the financial statements.

Directions

Company Accounting Workbook

Use accepted accounting principles to follow and record your business transactions for a three-month period from the first step of the accounting cycle through the reporting process. You will build on your work from Milestones One and Two to complete your workbook using the Company Accounting Workbook Template (linked in the What to Submit section).

Your completed accounting workbook will consist of journal entries for each transaction and postings of transactions to account ledgers. You will develop a trial balance from ledger balances and adjust revenue and expense accounts, as necessary, to ensure that revenues and expenses are reported in the appropriate period under the accrual accounting method. The adjusted trial balance will be used to prepare the income statement, the statement of owners equity, and the balance sheet. After the preparation of the financial statements, closing entries will be entered to transfer earnings to equity and prepare temporary accounts for the new accounting period.

Use the instructions below to complete your workbook.

1. Record Financial Data: Use accepted accounting principles to accurately capture business transactions for October, November, and December using the data provided in the accounting data appendix (linked in the Supporting Materials section). You will need to address the following:
   1. Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.
   2. Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
   3. Inventory Valuation: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the data from the Inventory Valuation tab of the company accounting workbook.

2. Accrual Basis: Apply the accrual basis of accounting and prepare adjusting entries to ensure accurate accounting for expenses that lack transactions in the current period.
   1. Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the Trial Balance tab of the company accounting workbook, ensuring that the total debits and credits match.
   2. Adjusting Entries: Prepare the Adjusting Entries tab of the company accounting workbook.
   3. Adjusted Trial Balance: Prepare the adjusted trial balance on the Trial Balance tab, ensuring that the debit and credit totals match.

3. Financial Statements: Create financial statements using appropriate methods based on accepted accounting principles. Be sure to prepare these financial statements in the order listed, as there are important interdependencies among them.
   1. Income Statement: Prepare the income statement using the adjusted trial balance.
   2. Statement of Owners Equity: Prepare the statement of owners equity using the adjusted trial balance.
   3. Balance Sheet: Prepare the balance sheet using the adjusted trial balance.
   4. Closing Entries: Complete the Closing Entries tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.
   5. Post-Closing Trial Balance: Prepare the Post-Closing Trial Balance tab of the company accounting workbook in preparation for the next accounting period.

1 1 Merge & Center % 60 00 .000 Insert Conditional Format as Cell Formatting Table Styles Styles Alignment IN Number eady to be installer t we need to close some apps. Update now = chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transa B C D E F Acor # 2 Asset Accounts 4 5 Cash 6 Baking Supplies 7 Prepaid Rent 8 Prepaid Insurance S Baking Equipment 10 Office Supplies 11 Accounts Receivable 12 Accumulated Depreciation 13 Merchandise Inventory 14 301 Liability Accounts Acot # 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 108 109 Equity Accounts Acot # 201 Common Stock 202 Dividends 203 Cost of Goods Sold 204 302 303 Revenue Accounts Bakery Sales Merchandise Sales Acct # 401 402 Expense Accounts 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 63 62 65 66 Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Office Supplies Expense Acek # 501 502 503 504 505 508 503 508 509 510 511 Chart of Accounts October Journal Entries November Journal Entries counting === Merge & Center $% Alignment eady to be installed, but first we need to close some apps. Number Update now E 1 2 3 B A Company General Journal Entries October, 20xx 4 Accounts 5 6 7 Date 1-Oct Cash Common stock Debit 25,000.00 Credit 25,000.00 000 1-Oct Baking Supplies Accounts Payable 8,500.00 8.500.00 10 11 12 13 14 3-0 Cash Notes Payable 10,000.00 10,000.00 7-Oo Prepaid Rent Rent Expense Cash 1,500.00 1.500.00 3,000.00 15 16 17 18 19 20 21 22 10-Oct Business license expense Cash 375.00 375.00 11-Oct Misce pense Cash 250.00 250.00 23 24 25 26 27 28 13-0cr Baking equipment Corrmon stock 5.000.00 S000.00 13-06 Advertising Expense 200.00 Chart of Accounts October Journal Entries Novamber one S Alignment y to be installed, but first we need to close some apps. Update B C 13-0. Advertising Expense Cash 200.00 20 14-Oct Office Supplies Cash 300.00 300 30-Oct Telephone expense Accounts payable 75.00 75 31-Oct Prepaid insurance Cash 1,200.00 1.200.0 31-Oct Wages expense Wages payable 120.00 120.00 31-Oct Cash Accounts receivable Bakery sales 10.000.00 5,000.00 15 000.00 Total 89.020.00 69.020.00 Merge & Center $ Alignment dy to be installed, but first we need to close some apps. Update now anis receivable A C B A Company General Journal Entries November, 20xx Accounts Date 5-Nov Wages payable Cash Debit 120.00 Credit 120.00 8-Nov Cash Accounts receivable 3,800.00 3,800.00 10-Nov Accounts payable Cash 75.00 75.00 15-Nov Baking supplies Accounts payable 5,000.00 5.000.00 15-Nov Wages expense Wages payable 480.00 480.00 15-Nou Rent expense Cash 1 500 00 1500.00 18-Nou Cash Accounts receivable 1000.00 1,000.00 20-Noy Accounts payable Cash 8.500.00 8 500 00 Alignment Feady to be installed, but first we need to close some apps. Update tof goods sold B C A Company General Journal Entries December, 20xx Accounts 6 Date 1-Dec Dividends Cash Credit Debit 10,000.00 10.000.00 5-Dec Wages payable Cash 420.00 420.00 7-Dec Merchandise inventory Cash 60.00 60.00 8-Deo Cash Accounts receivable 4,000.00 4,000 00 7 8 9 10 11 12 13 14 15 16 17 18 13 20 21 22 23 24 25 26 27 28 29 30 31 10-Dec Accounts payable Cash 75.00 75.00 11-Dec Baking supplies Accounts payable 2.000.00 7.000.00 13-Deo Accounts payable Cash 5.000.00 15-Dec Wages expense Wages payable 456.00 456.00 1,500.00 15-Dec Hent expense Cash 7500.00 eady to be installed, but first we need to close some apps. Update of g is sold C D 68.00 68.00 48.00 48.00 456.00 456.00 122.00 122.00 B 2 15-Dec Cash 34 Merchandise sales 35 36 15-Dec Cost of goods sold 37 Merchandise inventory 38 39 20-Dec Wages payable 40 Cash 41 4220-Dec Merchandise inventory 43 Cash 44 45 24-Deo Cash 46 Merchandise sales 47 48 24-Dec Cost of goods sold 49 Merchandise inventory 50 51 30-De Merchandise Inventory 52 Cash 53 54 31-Deo Wages expense 55 Wages payable 56 57 31-Declash Accounts receivable 59 Bakety sales 80 8: Total 153.00 753.00 109.60 108.50 15125 151.25 18000 48000 TE000.00 6,000.00 25.000.00 55.098.8555.038.85 02 November Journal Ent Decontournal Entries Number 2 Styles eady to be installed, but first we need to close some apps. Update now B E G 7 Accounts Payable 7,000.00 7,000.00 18 Wages Payable 480.00 480.00 19 Common Stock 30,000.00 30,000.00 20. Dividends 10,000.00 10,000.00 21 Bakery Sales 60,000.00 60,000.00 22 Merchandise Sales 221.00 221.00 23 Baking Supplies Expense 19,400.00 19,400.00 24 Rent Expense 4,500.00 4,500.00 25 Interest Expense 150.00 150.00 26 Insurance Expense 200.00 200.00 27 Depreciation Expense 208.33 208.33 28 Misc. Expense 250.00 250.00 29 Office Supplies Expense 550.00 550.00 30 Business License Expense 375.00 375.00 31 Advertising Expense 200.00 200.00 32 Wages Expense 1,956.00 1,956.00 33 Telephone Expense 150.00 150.00 34 COGS 157.60 157.60 35 36 Total: 107,701.00 107,701.00 20.508.33 20,508.33 108,059.33 108,059.33 37 38 39 40 41 42 43 44 05 Inventory Valuation Trial Balance Adjusting Entries Income Stateme... . = = = Merge & Center $ Alignment NE ready to be installed, but first we need to close some apps. Update now B D 2 Adjusting Journal Entries 20XX 3 4 5 Credit Debit 208.33 6 7 Date Accounts 31-Dec Depreciation Expense Accumulated Depreciation 31-Dec Interest expense Interest Payable 208.33 8 9 150.00 150.00 10 11 200.00 31-Dec Insurance expense Prepaid insurance 200.00 12 13 14 15 16 19,400.00 31-Dec Baking supplies expense Baking supplies 19.400.00 17 18 19 20 21 22 550.00 31-Dec Office supplies expense Office supplies 550.00 20,508.33 20.508.33 23 24 25 e Inventory Valuation Trial Balance Adjusting Entries 2 Alignment dy to be installed, but first we need to close some apps. Numb Update now B A Company Income Statement For Qtr. Ending 12/31/20XX Revenues 3 Total Revenues 2 o Gross Profit 11 12 Operating Expenses: MOO 8 Trial Balance Adjusting Entries Income Statement ST lled, but first we need to close some apps. Update now D 0 0 . B A Company Statement of Stockholder's Equity For Qtr. Ending 12/31/20xx Common Stock Retained Earnings Total Beginning Balances, September 30 0 Issued Common Stock - Net Income 3 Dividends 9 Ending Balances, December 31: 10 1 12 13 A- C Wrap Text E Merge & Center Accounting et Alignment se ready to be installed, but first we need to close some apps. $ % Number Update now A 1 B 2 A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx 3 4 4 5 Unadjusted Trial Balance Debit Credit Account 6 Cash 7 Baking Supplies 8 Merchandise Inventory 9 Prepaid Rent 10 Prepaid Insurance 11 Baking Equipment 12 Accumulated Depreciation 13 Office Supplies 14 Accounts Receivable 15 Accounts Payable 16 Wages Payable 17 Interest Payable 18 Notes Payable 19 Common Stock 20 Retained Earnings 21 22 Total Balance Sheet Posting Trial Batam Closing Entries