I've listed the instructions as an attachment.Really need some help here with Accounting.

In this course, you will have the opportunity to apply the concepts you learn to create financial statements for the Tybalt Corporation as part of your Course Project. For this project, you will be using Microsoft Excel to create their financial statements. You will make closing journal entries and update the Taccounts. Project Milestones and Schedule of Delivery Below is a table of project milestones (and the units in which they are due to help you manage your time effectively. ACC 160 Course Project Summary of Requirements Project Part Submission Dates Part 1: Create financial statements a. Create an Income Statement b. Create a Statement of Owner's Equity Unit 4 c. Create a Balance Sheet Part 2: Make closing journal entries and update the related T-accounts Unit 5 General Instructions Download the Excel Project template . You will use this template to complete your project. 1. 2. Thoroughly read the problem and address the requirements for each section of your project. Submit each part of the project in the required unit. Each part will be graded independently of the others. Please note, you must submit the entire workbook file each time you submit a part of the project. Requirements Part 1: Create Financial Statements You will begin working on your project in unit 3 and will submit Part 1 of your project in unit 4. In this part of your project, you will follow the instructions to create first the Income Statement, then the Statement of Owner's Equity, and finally the Balance Sheet. Since these are interlinked, you will need to do them in that specific order. Part 2: Complete Closing Entries and Update the Related T-Accounts 1. 2. Record the four closing journal entries to close the books. Update the related T-accounts. The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. TYBALT CONSTRUCTION Adjusted Trial Balance 31-Dec-17 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment Accumulated depreciation 168 Equipment 173 Building 174 Accumulated depreciationBuilding 183 Land 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 251 Long-term notes payable 301 O. Tybalt, Capital 302 O. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expenseBuilding 612 Depreciation expenseEquipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals Debit Credit $ 5,000 23,000 8,100 7,000 40,000 $ 20,000 150,000 50,000 55,000 16,500 2,500 3,500 2,500 900 7,500 67,000 126,400 13,000 97,000 14,000 2,000 2,100 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 ### ### O. Tybalt invested $5,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $121,400). Tybalt Construction is required to make a $7,000 payment on its long-term notes payable during 2018. Required Prepare the income statement and the statement of owner's equity for the calendar year 2017 and the classified balance 1 sheet at December 31, 2017. Prepare the necessary closing 2 entries at December 31, 2017. Tybalt Construction Income Statement For Year Ended December 31, 2017 Revenues Professional Fees Earned Rent Earned Dividends Earned Interest Earned Total Revenue Expenses Depreciation Expense - Building Depreciation Expense - Equipment Wages Expense Interest Expense Insurance Expense Rent Expense Supplies Expense Postage Expense Property Taxes Expense Repairs Expense Telepohone Expense Utilities Expense Total Expenses Net Income ? ? ? ? 0 115,100 ? ? ? ? ? ? ? ? ? ? ? ? ? ? 110,800 4,300 Tybalt Construction Statement of Owner's Equity For Year Ended December 31, 2017 O. Tybalt, Capital, December 31, 2016 O. Tybalt, Capital ADD: Investment by Owner Add Net Income Sub-Total LESS: O. Tybalt, Withdrawls O. Tybalt, Capital, December 31, 2017 ? ? ? ? ? ? Check 117,700 Tybalt Construction Balance Sheet December 31, 2017 Assets Current Assets Cash Short-term Investments Supplies Prepaid Insurance Total Current Assets Plant assets Equipment Accumulated Depreciation - Equip Building Accumulated Depreciation. - Building Land Total Plant Assets Total Assets ? ? ? ? ? ? ? ? ? 43,100 ? ? 175,000 218,100 ? ? ? 40,400 60,000 ? ? ? Liabilities Current Liabilities Accounts Payable Interest Payabkle Rent Payable Wages Payable Property Taxes Payable Unearned Professional Fees Current Portion of Long-Term Notes Payable Total Current Liabilities Long-Term Notes Payable Total Liabilities Equity O. Tybalt, Capital Total Liabilities and Equity Hint: Column M contains the subtotals and column N contains the grandtotals. Hint: Refer to the Guided Practice videos and chapter 4 in your ebook. ? ? ? ? ? ? ? ? ? 218,100 Part 2 Date 1 2 3 General Journal Account Debit Credit 31-Dec Professional Fees Earned Rent Earned Dividends Earned Interest Earned Income Summary To close Revenue account. 0 0 0 0 31-Dec Income Summary Depreciation Expense - Building Depreciation Expense - Equipment Wages Expense Interest Expense Insurance Expense Rent Expense Supplies Expense Postage Expense Property Taxes Expense Repairs Expense Telepohone Expense Utilities Expense To close Expense accounts. 0 31-Dec Income Summary 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O. Tybalt, Capital 4 31-Dec To close Income Summary. O. Tybalt, Capital O. Tybalt, Withdrawals To close Withdrawals Account. 0 0 0 T accounts Pro Fees Earned 0 0 All Expenses 0 Rent earned 0 0 0 0 0 Income Summary 0 0 0 0 O. Tybalt, Capital 0 0 O. Tybalt, With. 0 0 0 0 0 Div Earned 0 0 0 Int. Earned 0 0 0