INSTRUCTIONS: Katelyn's Catering ("Katelyn") provides food services for corporate events. In the month of December 2019, she was very busy with catering events and didn't have time to keep up with her accounting records until she got a break at the end of the year. Katelyn asked her business friend, a Bentley student, to help her update her accounting records for the year ended December 2019. Katelyn has an unadjusted trial balance (see "Unadjusted Trial Balance" tab) with information. The Bentley student found that she still needed to record 5 regular transactional journal entries and 5 adjusting journal entries in order to close the books for the year (See the "Regular and AJE Info" tab). In order to close out the year-end, Katelyn needs help from the Bentley student as follows: 1. Prepare the 5 regular journal entries and the 5 AJE's (using proper debits and credits), showing them on the "Journal Entries" tab in this file. 2. Update the balances in the Unadjusted Trial Balance to reflect the journal entries recorded in #1 above. NOTE: This section will not be graded, but you want to pick a method of arriving at an Adjusted Trial Balance that is easiest for you. You can choose one of a few different ways: 1. Use the Financial Statement Effects Template (FSET) - See "FSET" tab in this file 2. Use T accounts to post your entries and arrive at ending balances - See "T Accounts" tab in this file. 3. Post the entries with an adjustments column to the right of the Unadjusted Trial Balance and add/subtract the debits and credits appropriately to arrive at two columns for an "Adjusted Trial Balance." Use the "Unadjusted Trial Balance" tab to build from there. 3. Prepare the following financial statements in proper form (see examples in your text). Place each financial statement on the applicable tab on this file. Assignment Grading Total Points 50 a. Income Statement b. Statement of Changes in Stockholders' Equity c. Balance Sheet SUBMISSION: * Please submit your solution to Problem Set #1 in an excel file through BlackBoard. There will be an assignment tab under Week 1 for submission of this Problem Set. 20 10 20 100