On April 1, 2024, Redmond Corporation, an information technology (IT) consulting company, received \\( \\$ 650,000 \\) cash from Ron Larson, and the business issued common stock to him. On April 1, Redmond prepaid office rent of \\( \\$ 15,000 \\) for the months of April, May and June. Redmond meets with a client on April 1, who pays \\( \\$ 22,000 \\) in advance for consulting services to be performed during April and May. On April 3, Redmond paid \\( \\$ 225,000 \\) cash for land. Redmond purchased \\( \\$ 1,250 \\) of office supplies on account on April 5. On April 6, Redmond provided IT consulting services for a client and collected \\( \\$ 12,000 \\) cash. Redmond provided IT consulting services of \\( \\$ 14,000 \\) for clients on April 7. The clients will pay Redmond in the future. Redmond paid cash expenses on April 10 for salaries of \\( \\$ 8,000 \\). On April 12, Redmond paid \\( \\$ 750 \\) on the accounts payable created in Transaction \\( \\# 5 \\). Redmond collected \\( \\$ 3,000 \\) cash on April 14 from a client in transaction \\#7. On April 16, Redmond paid \\( \\$ 2,500 \\) for dividends. 1 Requirements 2 Journalize the adjusting entries. Use the blue shaded areas for inputs. 3 To record the account name in the journal, click in the Account and Explanation column. A drop down arrow will appear to the right. 4 Click the arrow and select an account from the chart of accounts. Use the explanation to help you with the entry. 5 Indent the account name of the account to be credited using the indent button on the Home tab. Click the Increase Indent button twice. Requirements Use a formula to fill in the Adjustment debit and credit columns on the worksheet by referencing the T-account adjustment(s). After completing the adjustments column, use formulas to show which balances should show on the income statement versus the balance sheet. On the Worksheet: Format the cells requiring dollar signs. Format the cells requiring a single underline and cells requiring double underlines. Boldface the totals. CEDAR RIVER CORPORATION Worksheet July 31, 2024 **Do not forget to calculate Net Income and Retained Eamings! You will need this for the financial statements. On April 1, 2024, Redmond Corporation, an information technology (IT) consulting company, received \\( \\$ 650,000 \\) cash from Ron Larson, and the business issued common stock to him. On April 1, Redmond prepaid office rent of \\( \\$ 15,000 \\) for the months of April, May and June. Redmond meets with a client on April 1, who pays \\( \\$ 22,000 \\) in advance for consulting services to be performed during April and May. On April 3, Redmond paid \\( \\$ 225,000 \\) cash for land. Redmond purchased \\( \\$ 1,250 \\) of office supplies on account on April 5. On April 6, Redmond provided IT consulting services for a client and collected \\( \\$ 12,000 \\) cash. Redmond provided IT consulting services of \\( \\$ 14,000 \\) for clients on April 7. The clients will pay Redmond in the future. Redmond paid cash expenses on April 10 for salaries of \\( \\$ 8,000 \\). On April 12, Redmond paid \\( \\$ 750 \\) on the accounts payable created in Transaction \\( \\# 5 \\). Redmond collected \\( \\$ 3,000 \\) cash on April 14 from a client in transaction \\#7. On April 16, Redmond paid \\( \\$ 2,500 \\) for dividends. 1 Requirements 2 Journalize the adjusting entries. Use the blue shaded areas for inputs. 3 To record the account name in the journal, click in the Account and Explanation column. A drop down arrow will appear to the right. 4 Click the arrow and select an account from the chart of accounts. Use the explanation to help you with the entry. 5 Indent the account name of the account to be credited using the indent button on the Home tab. Click the Increase Indent button twice. Requirements Use a formula to fill in the Adjustment debit and credit columns on the worksheet by referencing the T-account adjustment(s). After completing the adjustments column, use formulas to show which balances should show on the income statement versus the balance sheet. On the Worksheet: Format the cells requiring dollar signs. Format the cells requiring a single underline and cells requiring double underlines. Boldface the totals. CEDAR RIVER CORPORATION Worksheet July 31, 2024 **Do not forget to calculate Net Income and Retained Eamings! You will need this for the financial statements