Make :

1) Journal

2) 12-31-20 Adjusted Trial Bal.

3) 2020 Income statement

4) 12-31-20 Statement of Equity

5) 12-31-20 Balance Sheet

THANK YOU

N H IL Make adjusting entries in the journal trounding to the nearest dollar in the information below M A physical count of inventory revealed $140.020.00 of inventory A physical count of supplies revealed $7232.00 of supplies Depreciation for the year was $24,005 The balance in prepaid rent represents an amount paid Dec 1st for one year Even though the notes receivable aren't due until April 30 2021 they will include interest. The Dec 31 balance represents a month note originating on Nov. 1st 2020 Decista Thursday and $11,000 of salaries for a five day workweek are paid every Friday, 2. On the designated pages, make an Adjusted Trial Balance and then Create Financial Statements for 2020 note withdrawal of $50,000 were taken carlier in the year) 3. Answer these questions a. How would the financial statements be different if (each of these scenarios are independent) assets Labs equity We had missed counting incoming inventory of 51,700 We had forgotten to record depreciation We had forgotten to count supplies The bookkeeper had thought the $40,000 we received 12-1 was for past services instead of services to be performed in January The bookkeper wasn't aware that the note payable includes interest to be paid at maturity calculated on the average balance) record the amount the assets, lates, and equity would change and indicate the direction of change with a ar so that a poitive number would indicate it is too high by that amount and a negative number indicates it is too low by that amount) How would the financial statements be different fall of these scenerios happened in 20207 3 $44,559.00 $4,690.00 $4,258.00 $459,871.00 $2,000.00 $88,331.00 1 Mom & Pop 2 Balance Sheet 3 1/1/2020 4 Current assets 5 Cash 6 Accounts receivable 7 Office Supplies 8 Inventory 9 Pre-paid rent 10 Notes Rec 11 Fixed assets 12 Building 13 Furniture 14 Equipment 15 Land 16 Less Total Accum. Depr 17 Total assets 18 Current liabilities 19 Salaries Payable 20 Accounts payable 21 Long term liabilities 22 Notes Payable 23 Total Liabilities 24 Owner's Equity 25 Total Liabilities and Equity $252,845.00 $5,000.00 $56,000.00 $42,000.00 -$157,000.00 $198,845.00 $802,554.00 $3,000.00 $88,437.00 $456,286.00 $547,723.00 $254,831.00 $802,554.00 26 27 Mom & Pop 2 UNADJUSTED TRIAL BALANCE 3 12/31/20 4 Cash 5 Accounts receivable 6 Office Supplies 7 Inventory 8. Pre-paid rent 9 Building 10 Accumulated Depreciation 11 Furniture 12 Equipment 13 Notes Rec 14 Land 15 Salaries Payable 16 Accounts payable 17 Notes Payable 18 Owner's Equity 19 Sales Revenue 20 COGS 21 Salaries Expense 22 Rent Expense 23 24 DR CR $6,255.00 $1,258.00 $11,487.00 $441,742.00 $4,000.00 $252,845.00 $157,000.00 $9,000.00 $62,000.00 $81,612.00 $42,000.00 $5,000.00 $83,125.00 $440,035.00 $204,831.00 $163,208.00 $81,000.00 $42,000.00 $18,000.00 $1,053,199.00 $1,053,199.00 25