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Problem Description Bruce Springsteen and the E Street Band Enterprises Inc. (BSEE) is a company set up to manage the 2023 concert tour for Bruce Springsteen and the E Street Band. The band is touring throughout 2023 starting with a show in Tampa, FL on 2/1/23 and continuing to tour through the US before heading over to Europe in mid-April. The tour will play 23 shows in the US and BSEE is the company that has been created to manage and maintain the financial records of the tour. The BSEE accountant, Clarence Credit, has taken a leave of absence and has requested your assistance in compiling the financial statements for the 3 months (quarter) starting 2/1/23 and ending on 4/30/23. You have been provided the following in order to create the BSEE financial statements (i.e., April 30, 2023 statements): 1. Opening Trial Balance as of February 1, 2023. Note, since business was just formed all beginning balances are zero. 2. List of Accounts used by BSEE (see Opening Trial Balance for this list) 3. Detailed transactions during the 2/1/23 to 4/30/23 period as well as required adjustments at the end of the quarter. Required: Please provide the following for BSEE. 1. Prepare the journal entries for all transactions including the 20 transactions during the period and the 5 adjusting journal entries. (12 Points) 2. Prepare T Accounts with updated final balances for each account used by BSEE (6 Points) 3. Post the T Account balances to create an Adjusted Trial Balance as of April 30, 2023 (8 Points) 4. Create the 3 Financial Statements using the Adjusted Trial Balance for BSEE as of April 30, 2023 a. Income Statement (4 Points) b. Statement of SH Equity (2 Points) c. Balance Sheet (4 Points) Opening Trial Balance BSEE- 2/1/2023 (Note: all 21 accounts used are in this Trial Balance) List of Transactions - regular during the period transactions (2/1/23 to 4/30/23) 1. Feb 1st - Paid $1,200,000 in cash for insurance upfront for the next 12-month period (2/1/23 to 1/31/24) 2. Feb 1st - Receive cash from Bruce Springsteen and key E Street Band members and issued them Common Stock in BSEE, $2,000,000 3. Feb 5th - Received cash in advance for ticket sales related to future concerts, $20,000,000 4. Feb 15th - Perform concerts, but customers do not pay yet (on account), $8,000,000 5. Mar 1st - Perform concerts and receive cash from customers, $25,000,000 6. Mar 1st - Receive cash and issue a Notes Payable with Bank to assist in financing concert tour, $1,000,000 7. Mar 15th - Paid employees' salaries related to concert tours in cash, $4,000,000 8. Mar 20th Purchased supplies on account, $150,000 9. Mar 30th - Collected cash from customers that had been on account, $6,000,000 10. Apr 7th - Paid advertising costs related to concert tour in cash, $7,500,000 11. Apr 14th - Paid accounts payable related to prior supplies purchase on March 20th for $150,000 12. Apr 14th - Paid travel costs related to concert tour in cash, $5,000,000 13. Apr 18th Perform concerts and receive cash from customers, $12,000,000 14. Apr 22nd Purchased equipment related to concert tour with cash, $500,000 15. Apr 25th - Perform concerts, but customers do not pay yet (on account), $7,000,000 16. Apr 28th - Paid employees' salaries related to concert tours in cash, $4,000,000 17. April 29th Collected cash from customers that had been on account, $6,000,000 18. April 29th - Pay dividends to stockholders in cash, $7,000,000 19. April 29th Pay rent in cash for February to April time period for concert venues, $23,000,000 20. April 29th - Purchased equipment on account, $1,500,000 Adjusting Entries - 5 transactions at End of Period - Note: 3 months is the February 1, 2023 to April 30, 2023 time period (i.e., 3 months). No prior adjustments have been recorded. 21. April 30th - Need to record insurance expense for the quarter (i.e., 3 months of the 12 months that were paid for previously and has now expired.) 22. April 30th Supplies on hand at end of April =$25,000. Need to record supplies expense for the 3-month period. 23. April 30th - The Operations team let you know that $18,000,000 of the $20,000,000 of the concerts have been provided and earned in the quarter for customers that had previously paid in advance. Need to record this adjustment. 24. April 30th - Salaries incurred, but not yet paid at end of April, $2,000,000. Need to record salary accrual adjustment. 25. April 30th - Notes Payable of $1,000,000 has an interest rate of 6% annually. The interest payment is made 1 time per year on February 28, 2024. Need to record interest expense incurred through the end of April. FINAL NOTE: Retained Earnings balance will be Zero in the final Adjusted Trial Balance - the only account with a Zero balance. However, the Retained Earnings balance will be a positive figure once the Statement of Shareholder's Equity is performed by adding Net Income and deducting Dividends. Problem Description Bruce Springsteen and the E Street Band Enterprises Inc. (BSEE) is a company set up to manage the 2023 concert tour for Bruce Springsteen and the E Street Band. The band is touring throughout 2023 starting with a show in Tampa, FL on 2/1/23 and continuing to tour through the US before heading over to Europe in mid-April. The tour will play 23 shows in the US and BSEE is the company that has been created to manage and maintain the financial records of the tour. The BSEE accountant, Clarence Credit, has taken a leave of absence and has requested your assistance in compiling the financial statements for the 3 months (quarter) starting 2/1/23 and ending on 4/30/23. You have been provided the following in order to create the BSEE financial statements (i.e., April 30, 2023 statements): 1. Opening Trial Balance as of February 1, 2023. Note, since business was just formed all beginning balances are zero. 2. List of Accounts used by BSEE (see Opening Trial Balance for this list) 3. Detailed transactions during the 2/1/23 to 4/30/23 period as well as required adjustments at the end of the quarter. Required: Please provide the following for BSEE. 1. Prepare the journal entries for all transactions including the 20 transactions during the period and the 5 adjusting journal entries. (12 Points) 2. Prepare T Accounts with updated final balances for each account used by BSEE (6 Points) 3. Post the T Account balances to create an Adjusted Trial Balance as of April 30, 2023 (8 Points) 4. Create the 3 Financial Statements using the Adjusted Trial Balance for BSEE as of April 30, 2023 a. Income Statement (4 Points) b. Statement of SH Equity (2 Points) c. Balance Sheet (4 Points) Opening Trial Balance BSEE- 2/1/2023 (Note: all 21 accounts used are in this Trial Balance) List of Transactions - regular during the period transactions (2/1/23 to 4/30/23) 1. Feb 1st - Paid $1,200,000 in cash for insurance upfront for the next 12-month period (2/1/23 to 1/31/24) 2. Feb 1st - Receive cash from Bruce Springsteen and key E Street Band members and issued them Common Stock in BSEE, $2,000,000 3. Feb 5th - Received cash in advance for ticket sales related to future concerts, $20,000,000 4. Feb 15th - Perform concerts, but customers do not pay yet (on account), $8,000,000 5. Mar 1st - Perform concerts and receive cash from customers, $25,000,000 6. Mar 1st - Receive cash and issue a Notes Payable with Bank to assist in financing concert tour, $1,000,000 7. Mar 15th - Paid employees' salaries related to concert tours in cash, $4,000,000 8. Mar 20th Purchased supplies on account, $150,000 9. Mar 30th - Collected cash from customers that had been on account, $6,000,000 10. Apr 7th - Paid advertising costs related to concert tour in cash, $7,500,000 11. Apr 14th - Paid accounts payable related to prior supplies purchase on March 20th for $150,000 12. Apr 14th - Paid travel costs related to concert tour in cash, $5,000,000 13. Apr 18th Perform concerts and receive cash from customers, $12,000,000 14. Apr 22nd Purchased equipment related to concert tour with cash, $500,000 15. Apr 25th - Perform concerts, but customers do not pay yet (on account), $7,000,000 16. Apr 28th - Paid employees' salaries related to concert tours in cash, $4,000,000 17. April 29th Collected cash from customers that had been on account, $6,000,000 18. April 29th - Pay dividends to stockholders in cash, $7,000,000 19. April 29th Pay rent in cash for February to April time period for concert venues, $23,000,000 20. April 29th - Purchased equipment on account, $1,500,000 Adjusting Entries - 5 transactions at End of Period - Note: 3 months is the February 1, 2023 to April 30, 2023 time period (i.e., 3 months). No prior adjustments have been recorded. 21. April 30th - Need to record insurance expense for the quarter (i.e., 3 months of the 12 months that were paid for previously and has now expired.) 22. April 30th Supplies on hand at end of April =$25,000. Need to record supplies expense for the 3-month period. 23. April 30th - The Operations team let you know that $18,000,000 of the $20,000,000 of the concerts have been provided and earned in the quarter for customers that had previously paid in advance. Need to record this adjustment. 24. April 30th - Salaries incurred, but not yet paid at end of April, $2,000,000. Need to record salary accrual adjustment. 25. April 30th - Notes Payable of $1,000,000 has an interest rate of 6% annually. The interest payment is made 1 time per year on February 28, 2024. Need to record interest expense incurred through the end of April. FINAL NOTE: Retained Earnings balance will be Zero in the final Adjusted Trial Balance - the only account with a Zero balance. However, the Retained Earnings balance will be a positive figure once the Statement of Shareholder's Equity is performed by adding Net Income and deducting Dividends