My answer doesn't match up correctly. Can you help me identify how to solve this problem with the AT balance of 1,277,600? Please and thank you

D 19 REQUIREMENTS: 20 Part 1 Post the Unadjusted Trial Balance totals to the T-Accounts on the sheet labeled "T-Accounts." These numbers will represent your beginning balances. 22 Part 2 Record the adjusting journal entries required for items AND post them to the T-accounts. Add or extend lines on any T-Accounts if necessary. 22 24 Part 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated T-Accounts 25 Adjusted T check figure: $1,277,600 D E F Credit 40,000 8,000 160,500 B Gatsby, Inc. Unadjusted Trial Balance 12/31/XX Debit Cash 121,550 Accounts Receivable 236,000 Prepaid Insurance 24,000 Supplies 4,500 Inventory 85,000 0 Land 75,000 1 Building 200,000 2 Accumlated Depreciation- Building 13 Equipment 160,000 14 Accumlated Depreciation Equipment 15 Accounts Payable 16 Interest Payable 17 Wages Payable 18 Unearned Revenue - Alarm Systems 19 Long-Term Bank Note Payable 20 Common Stock 21 Retained Earnings 22 Dividends 7,000 23 Revenue 24 Cost of the Goods Sold 146,000 25 Depreciation Expense 0 26 Insurance Expense 15,000 27 Interest Expense 0 28 Rent Expense 54,000 29 Supplies Expense 0 30 Utilities Expense 23,300 31 Wage Expense 67,900 32 Totals $1.219.250 33 34 0 0 45,000 150,000 310,000 124,750 381,000 $1.219.250 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries Type here to search N33 G H B 1 Information to prepare adjusting journal entries 2 The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar 3 year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as 4 assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. The company's weekly payroll is $3,000 and is paid each Friday for a five-day work week. Assume December 31st falls on a Monday, but the employees will not be paid their wages until Friday, January 3rd. 5 A. 6 7 8 9 B. 10 11 12 13 Eighteen months earlier, on July 1st the company purchased equipment that cost $160,000. Its useful life is predicted to be twenty years, at which time the equipment is expected to have a zero salvage/residual value. Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year. On September ist of the current year Gatsby, Inc. was paid $45,000 in advance of future installation of alarm systems in 3 new homes. The amount was credited to the Unearned Revenue - Alarms account. Between September 1st and December 31st alarm systems were installed in 1 home, completing that job. 14 15 16 D. On October 1st of the current year the company purchased a 12-month insurance policy for $24,000. The transaction was recorded with a debit to the Prepaid Insurance account. Insurance expense has not been recorded for November nor December 17 18 19 20 21 22 22 E On December 30 of the current year the company completed an $38,000 job that has not been billed/invoiced and therefore has not been recorded. F. 25 26 A $150,000 long-term note payable was signed on August 1st of the current year. It is a five-year note with a 6% interest rate. Interest expense as not been accrued for this year. Supplies at the beginning of the current year had a balance of $ 300. Supplies valued at $4,200 were purchased thoughout the year. The current balance in the account is $400 28 H 31 Depreciation on the building is calculated using the straight-line depreciation method. Gatsby estimates depreciation on the building over a 25 year period and a zero salvape/residual value. 34 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries T-Accounts . Type here to search O Q R S M N P PREPARE (in proper form) ADJUSTING JOURNAL ENTRIES HERE Debit Credit A. Account Wages Expense Wages Payable 1200 1200 B. 4000 Depreciation Expense Accumulated Depreciation-EQ 4000 ems in C. 15000 Unearned Revenue- Alarms Revenue 15000 ction D. 2000 Insurance Expense Prepaid Insurance 2000 E 38000 Accounts Recievable Revenue 38000 F. 5250 Interest Expense Interest Payable 5250 4100 Supplies Expense Supplies 4100 reciation H 8000 Depreciation Expense Accumulated Depreciation - BLD 8000 T-Accounts Adjusted Trial Balance Income Statement Calibri A ce wrap Text LO In copy BIU ara Merge & Center Format Painter Clipboard Font Alignment A21 X N D METS Cash 121.550 LIABILITIES Accounts Payable 160.500 EQUITY Common Stock 75.000 Lineamed Rey Alarm 15.000 450 30.000 310,000 interest Payable Hesined Emin Long Term Nate Payable 150 000 200.000 124,750 9 Acevable 10 11 12 274,000 0 5250 5250 Acum Depre Wapes Payable 14 2.000 3.000 48.000 Didende 1,200 7.000 15 17 18 Sus Equipment 160.000 4500 4100 Acum Depre: Equipment 3000 4.000 12.000 EXPENSES Costed the Goods Sold Depreciation Expense Utilities Expense 54.000 4,000 800 14.30 wance Cente Supplies 520 5.250 4.100 4100 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries T-Accounts Adjusted Trial Ba Type here to search C E30 fx E F G A B D 1 Prepare the Adjusted Trail Balance on this sheet. 2 Debit Credit 3 Cash 121,550 4 Accounts Receivable 274,000 5 Prepaid Insurance 22,000 6 Supplies 400 7 Inventory 85,000 8 Land 75,000 9 Building 200,000 10 Accumlated Depreciation- Building 48,000 11 Equipment 160,000 12 Accumlated Depreciation Equipment 12,000 13 Accounts Payable 160,500 14 Interest Payable 5,250 15 Wages Payable 1,200 16 Unearned Revenue - Alarm Systems 30,000 17 Long-Term Bank Note Payable 150,000 18 Common Stock 310,000 19 Retained Earnings 124,750 20 Dividends 7,000 21 Revenue 434,000 22 Cost of the Goods Sold 146,000 23 Depreciation Expense 12,000 24 Insurance Expense 17,000 25 Interest Expense 5,250 26 Rent Expense 54,000 27 Supplies Expense 4,100 28 Utilities Expense 23,300 29 Wage Expense 69,100 30 Totals 1,275,700 1,275,700 31 32 33 34 35 36 37 38 39 Project Instructions Unadjusted Trial Balance Adjusting Journa Autose Eliyah Taylor Comprehensive Project Sered e Search Fle Insert Dr Page Layout Formulas Data Review View Home Xcu - Calba - 12 - AA EE $ % Insert Delete for Conditional Formulas Cell Formatting Table Style om C C D 27 28 19 REQUIREMENTS 20 Part 1 Post the Unadjusted Trial Balance totals to the T-Accounts on the sheet labeled "T-Accounts." These numbers will represent your beginning balances. 22 Part 2 Record the adjusting journal entries required for items AND post them to the accounts. Add or extend lines on any T-Accounts if necessary. 24 Part 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated Accounts Adjusted to check figure $1,277.000 26 Part 4 Prepare, in good form, financial statements on each specified sheet in the following order: MultiStep Income Statement and prepare a bar AND a pie chart for a visual representation of expenses. b Statement of Stockholders' Equity classified Balance Sheet Total Assets check figure $871,950 30 11 Parts Using the financial statements, calculate the following raties on the specified sheet and briefly (2 or 3 sentences) interpret the ratios for Gatsby, Inc. Be sure to compare them to the industry averages which are given on the specified sheet. Working Capital Current Ratio Quick Ratio (Acid Test detto Equity Times interest med Part Record closing journal entries AND post them to the accounts o DELL 2 8 0 Q W E R OOO 14 S D D E Credit 40,000 B C 1 Gatsby, Inc. 2 Unadjusted Trial Balance 3 12/31/XX 4 Debit 5 Cash 121,550 6 Accounts Receivable 236,000 7 Prepaid Insurance 24,000 8 Supplies 4,500 9 Inventory 85,000 10 Land 75,000 11 Building 200,000 12 Accumlated Depreciation-Building 13 Equipment 160,000 14 Accumlated Depreciation Equipment 15 Accounts Payable 16 Interest Payable 17 Wages Payable 18 Unearned Revenue - Alarm Systems 19 Long-Term Bank Note Payable 20 Common Stock 21 Retained Earnings 22 Dividends 7,000 23 Revenue 24 Cost of the Goods Sold 146,000 25 Depreciation Expense 0 26 Insurance Expense 15,000 27 Interest Expense 0 28 Rent Expense 54,000 29 Supplies Expense 0 30 Utilities Expense 23,300 31 Wage Expense 67,900 32 Totals $1.219.250 33 8,000 160,500 0 0 45,000 150,000 310,000 124,750 381,000 $1.219.250 26 Project Instructions Unadjusted Trial Balance Adjusting Journal Entr Type here to search Clipboard Font z Alignment 133 G H K B D Information to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. The company's weekly payroll is $3,000 and is paid each Friday for a five-day work week. Assume 7 December 31st falls on a Monday, but the employees will not be paid their wages until Friday, January 3rd. 5 5 A. 8 9 B. 10 11 12 13 Eighteen months earlier, on July 1st the company purchased equipment that cost $160,000. Its useful life is predicted to be twenty years, at which time the equipment is expected to have a zero salvage/residual value. Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year. C. 14 D. 15 16 17 18 19 20 21 On September ist of the current year Gatsby, Inc. was paid $45,000 in advance of future installation of alarm systems in 3 new homes. The amount was credited to the Unearned Revenue - Alarms account. Between September 1st and December 31st alarm systems were installed in 1 home, completing that job. On October 1st of the current year the company purchased a 12-month insurance policy for $24,000. The transaction was recorded with a debit to the Prepaid Insurance account. Insurance expense has not been recorded for November nor December On December 30 of the current year the company completed an $38,000 job that has not been billed/invoiced and therefore has not been recorded. E F. 23 24 25 26 27 A $150,000 long-term note payable was signed on August 1st of the current year. It is a five-year note with a 6% interest rate. Interest expense as not been accrued for this year. Supplies at the beginning of the current year had a balance of $ 300. Supplies valued at $4,200 were purchased thoughout the year. The current balance in the account is $400. G 30 H. 31 Depreciation on the building is calculated using the straight-line depreciation method. Gatsby estimates depreciation on the building over a 25 year period and a zero salvage/residual value. 32 33 34 35 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries T-Accounts Type here to search File X Cut Calibri 11 - A A 101 2 Wrap Text Num Cb Copy Paste BIU Merge & Center $ Format Painter Clipboard L2 Font Alignment A21 X fx N ASSETS Cash 121.550 LIABILITIES Accounts Payable 160.500 EQUITY Common Stock Land 75.000 Unearned Rev.Alarms 15.000 45,000 30,000 310,000 9 Accounts Receivable Building 200.000 Interest Payable 26. Long Term NotePayable 150.000 Betained Earnings 124,750 5250 5350 Acum Deore Wapes Payable 11 3.000 12 274.000 13 Prepandurance 14 24.000 15 22.000 16 17 2000 40,000 3600 48.000 0 1,200 1.200 Dividende 700 4.500 4100 160.000 20 Acum Deriment 8000 4000 EXPENSES Cout of the Goods Sold Depreciation Experte 54,000 Uties 21.00 18.00 8000 12.000 Supplies 7,000 Wages Expense 67.900 1.200 2.100 5.70 4,100 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries T-Accounts Adjusted Trial Bal Type here to search O F A B D E 1 Prepare the Adjusted Trail Balance on this sheet. 2 Debit Credit 3 Cash 121,550 4 Accounts Receivable 274,000 5 Prepaid Insurance 22,000 6 Supplies 400 7 Inventory 85,000 8 Land 75,000 9 Building 200,000 10 Accumlated Depreciation Building 48,000 11 Equipment 160,000 12 Accumlated Depreciation- Equipment 12,000 13 Accounts Payable 160,500 14 Interest Payable 5,250 15 Wages Payable 1,200 16 Unearned Revenue - Alarm Systems 30,000 17 Long-Term Bank Note Payable 150,000 18 Common Stock 310,000 19 Retained Earnings 124,750 20 Dividends 7,000 21 Revenue 434,000 22 Cost of the Goods Sold 146,000 23 Depreciation Expense 12,000 24 Insurance Expense 17,000 25 Interest Expense 5,250 26 Rent Expense 54,000 27 Supplies Expense 4,100 28 Utilities Expense 23,300 29 Wage Expense 69,100 30 Totals 1,275,700 1,275,700 31 32 33 34 35 36 37 38 39 Project Instructions Unadjusted Trial Balance Adjusting