J29 fx | D | E F G K M N P Q H Work Sheet FYE December 31, 2021 A 3 4 5 6 7 Account title Unadjusted T/B Dr. Cr. Adjustments Adjusted Trial Balance Dr. Cr. Income Statement Dr. Cr. Balance Sheet Dr. Cr. Dr. Cr. 8 Cash 54,065 28,820 9 Accounts receivable 10 Supplies 11 Prepaid rent 750 12 Inventory 49,500 61,000 15,250 23,300 13 Equipment 14 Accum. Depr. - Equip 15 Accounts payable 16 Salaries payable 17 Notes payable 18 Interest payable 2,600 27,900 465 19 Common stock 65,000 20 Retained earnings 13,650 21 Dividends 4,875 22 Sales revenue 200,000 23 Cost of goods sold 105,000 24 Interest expense 465 25 Salaries expense 27,550 26 Rent expense 11,000 750 1,440 4,450 27 Supplies expense 28 Utility expense 29 Depreciation expense 30 Totals 7,625 347,700 347,700 31 Net income Totals 32 33 1 Chapter Two Homework Name: Excite Corporation sells virtual reality systems. The unadjusted trial balance as of December 31, 2021, appears on the following sheet December 31 is the company's 3 reporting year-end. The company uses the perpetual inventory system. 4 5 Information necessary to prepare the year-end adjusting entries appears below. 6 1. The office equipment was purchased in 2019 and is being depreciated using the straight-line method over an eight-year useful life with no salvage value. Record annual 7 depreciation 2. Accrued salaries at year-end should be $3,900. 8 9 3. The company borrowed $27,900 on September 1, 2021. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies expense when supplies are purchased. Supplies on hand at year- end cost $360. 10 5. Prepaid rent at year-end should be $750. 11 12 13 REQUIRED: 14 A. Enter the adjusting entries on the work sheet 15 B. Complete all columns of the worksheet 16 C. Prepare the financial statements on the templates provided 17