Koala Industries Inc. began business operations on January 1, 2021. Koala Industries Inc.s annual reporting period ends December 31. Some events have already occurred and have been recorded; these are reflected in the beginning balances shown on the accounting equation grid. Analyze the following additional events during 2021 and complete the requirements on the other worksheets.

1) Record events a) through i) below in the accounting equation ("Grid" worksheet, rows 7-15)

2) Record events a) through i) below as journal entries ("J-Es" worksheet, rows 1-46)

3) Prepare an Unadjusted Trial Balance ("UnAdj TB" worksheet)

4) Record events i) through p) in the accounting equation ("Grid" worksheet, rows 17-24)

5) Record events i) through p) below as journal entries ("J-Es" worksheet, rows 48-87)

6) Prepare an Adjusted Trial Balance ("Adjusted TB" worksheet)

7) Prepare all four financial statements ("Fin Stmts" worksheet)

Events:

a) Purchased $14,800 of equipment for use in the business, paid $1,480 in cash and the rest was on account.

b) Purchased $1,200 supplies on account for future use.

c) Customers paid $7,500 in advance for future services.

d) Earned $127,500 in service revenues for 2021, including $93,800 on credit and $33,700 collected in cash.

e) Collected accounts receivable, $17,900.

f) Sold an old vehicle (that was fully depreciated) for $2,500 cash.

g) On Oct. 31, paid $9,600 to rent a building for 12 months, starting on Nov. 1.

h) Paid accounts payable, $12,400.

i) Declared and paid a $24,000 cash dividend.

Information for Adjustments:

j) Koala recorded $3,500 in service provided that had been collected in event (c), but had not yet been recorded.

k) During December, Koala accrued $4,740 in service that had been provided to customers on account.

l) Wages of $10,600 earned by employees since the December 24 payroll were not yet paid.

m) Determined after a year-end count that $3,200 of supplies remained on hand at the year.

n) Accrued annual interest at 9.0% on the outstanding balance of the loan (promissory note).

o) Building rental expenses for the year, paid in transaction (g), had not yet been recorded.

p) Depreciation for the year on the equipment was 10% of the year-end Equipment account balance.

q) Income tax for the year was $23,800. It will be paid in 2022.

Paste $ B a Av 1941 HI Marga & Center $ %, C7 x fx A B C D 1 2 Assets fre Cash Flow Categ Egy nt Cash Accounts applies on Receivable hand) P Services 1 Equipment Aen Depen Une med Accounts Payable Notes Payable Com Storb Red Cut Pere Rue 5 Regling 40,300 18,200 4,300 0 48,100 5.900) 15,600 800 a 20,000 47,000 21,600 (0) 0 b . d 10 11 12 + . 11 14 151 16 Subtotal 40,300 18,200 4,300 48,100 15,900) 15,600 800 20,000 47,000 1711 21,600 0 0 15 + 20 m . 21 + 33 o 23 P 209 40,300 18,200 Subtotals Closing 4,300 48,100 (5,900) 15,600 800 20,000 47,000 0 0 27 21,600 0 21,600 Period End 40,300 18,200 4,300 0 48,100 15.900) 15,600 HOO 20,000 47.000 0 0 0 Check 105,000 105,000 2= = Paste B I a. Av Merg 89 x fx 8 E For all journal entries, you must only use Account Names from the Chart of Accounts in cells 12 thru 120, and you must only use Basic Accounting Equation Impact codes from the list in cells K2 thru K7. For all payables except Notes Payable, use the Accounts Payable account. a) Purchased $14,800 of equipment for use in the business, pald $1,480 in cash and the rest was on account. Basic Acct Account Names Debits Credits E Impacts A+ Equipment 14,800 A- Cash Completed 1,480 L+ Accounts Payable as an example 13,320 b) Purchased $1,200 supplies on account for future use. Basic Acct Account Names Eg Impacts Debits Credits - 1 2 c) Customers paid $7,500 in advance for future services. Basic Acct Account Names Eq Impacts Debits Credits 5 5 d) Earned $127,500 in service revenues for 2021, including $93,800 on credit and $33,700 collected in cash. Basic Acct Account Names Debits Eq impacts Credits 3 e) Collected accounts receivable, $17,900. Basic Acct Account Names Eg Impacts Debits Credits 1 Sold an old vehicle (that was fully depreciated) for $2.500 cash. Basic Acct Account Names Debits Eg Impacts Credits Instructions Grid J-Es UnAdj TB Adjusted TB Fin Stmts Ready D F X fx B For all journal entries, you must only use Account Names from the Chart of Accounts in cells 12 thru 120, and you mus Basic Accounting Equation impact codes from the list in cells K2 thru 7. For all payables except Notes Payable, uset Accounts Payable account. 3 D) Wages of $10,600 earned by employees since the December 24 payroll were not yet pald. Basic Acct Account Names Debits 9 Eg Impacts Credits 0 -1 52 53 m) Determined after a year-end count that $3,200 of supplies remained on hand at the year. Basic Acct Account Names Debits Credits Eq Impacts 54 65 66 67 68 n) Accrued annual interest at 9.0% on the outstanding balance of the loan (promissory note). Basic Acct Account Names Debits Credits Eg Impacts 69 70 71 72 73 o) Building rental expenses for the year, paid in transaction (e), had not yet been recorded Basic Acct Account Names Debits Credits Eg Impacts 74 75 76 77 78 p) Depreciation for the year on the equipment was 10% of the year end Equipment account balance. Basic Acct Account Names Debits Credits Eg Impacts Debits credite 79 80 81 82 83 9) Income tax for the year was 523,800. It will be paid in 2022 Basic Act Account Names Eg Impacts Debits Credits BS Instructions Grid UnAdj TB Adjusted TB Fin Stmts Unadjusted Trial Balance As of December 31, 2021 5 Debit Credit 6 Cash 7 Accounts Receivable 8 Supplies (on hand) 9 Prepaid Services 10 Equipment 11 Accum. Deprec. (Equip.) 12 Accounts Payable 13 Unearned Revenue 14 Notes Payable 15 Common Stock 16 Retained Earnings 17 Dividends Declared 18 Service Revenue 9 Depreciation Expense 20 Interest Expense 1 Rent Expense 2. Supplies Expense 3 Wages Expense 4Income Tax Expense Total 7 6 3 3 2 Adjusted Trial Balance As of December 31, 2021 3 4 5 Debit Credit 6 Cash 7 Accounts Receivable & Supplies (on hand) 9 Prepaid Services 10 Equipment i1 Accum. Deprec. (Equip.) 12 Accounts Payable 13 Unearned Revenue 14 Notes Payable 15 Common Stock 16 Retained Earnings 12 Dividends Declared 18 Service Revenue 19 Depreciation Expense 20 Interest Expense 21 Rent Expense 22 Supplies Expense 23 Wages Expense 24 Income Tax Expense Total 26 27 28 29 30 31 32 33 34 25 36 37 38 Instructions Grid J-Es UnAdj TB Adjusted TB Fin Stmts Ready ze Paste EEE ES Me B IU a. Av 4 x fx Koala Industries Inc. 21 D 2021 9 Koala Industries Inc. Jincome Statement 3 For the Year Ended: Sales Revenue 5 Less: Supplies Expense 6 Wages Expense 7 Depreciation Expense Rent Expense Other Expenses 10 NET INCOME 12 Statement of Changes in Stockholders' Equity 13 For the Year Ended: 14 Beginning Common Stock 15 Plus: Common stock issued 15 Ending common stock 18 Beginning retained earnings 19 Plus: Net income (loss) 20 Less: Dividends declared 23 Ending retained earnings 22 TOTAL STOCKHOLDER'S EQUITY 2021 Koala Industries Inc. 2021 26 Balance Sheet 27 As of the Last Day of: 28 Assets 29 Cash 30 Accounts Receivable 11 Supplies (on hand) 12 Prepaid Services Equipment, net TOTAL ASSETS Llabilities Instructions Gold JE Unad TB Adjunted TB Fin Sims Liabilities 7 Accounts Payable 8 Unearned Revenue 39 Notes Payable 40 Total Liabilities 41 Equity 42 Common Stock 43 Retained Earnings 44 Total Equity 45 TOTAL LIABILITIES AND EQUITY 2021 48 Koala Industries Inc. 49 Statements of Cash Flows So For the Year Ended: 51 cash flows from operating activities 52 Cash collected from customers 53 Cash paid to suppliers of operating services & goods 54 Net cash flow from operating activities S5 Cash flow from investing activities 57 Cash collected from selling long-term assets 55 Cash paid to purchase long-term assets 59 Net cash flow from investing activities 61 Cash flows from financing activities Cash inflows from borrowing Cash payments to repay debt Cash inflows from issuing stock Cash payments of dividends Net cash flows from financing activities Net change in cash 6 Beginning cash balance 0 Ending Cash Balance 71 Instructions Grid J-E UnAdj TB + 62 3 54 Adjusted TB FinStunts