Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Requirements: A2 D Vermillion, Inc. began business operations on January 1, 2020. Vermillion'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 2020 and complete the requirements using the 1 other worksheets 2 Requirements: 3 1) Record events a) through h) below in the accounting equation ("Grid worksheet, rows 7-15) 42) Record events a) through h) below as journal entries (")-Es' worksheet, rows 1-41) 5 Note: See the instruction in row 1 of the "X-Es" sheet about Account Names and Basic Acct Eq. Impacts. Although there was only one column for expenses on the grid, in your journal entries you must use the appropriate expense account names from the chart of accounts. 7 3) Prepare an Unadjusted Trial Balance ("Unadj TB"worksheet) 8 4) Record events i) throughp) in the accounting equation ("Grid" worksheet, rows 16-29) 9 5) Record events i) through p) below as journal entries (")-Es' worksheet, rows 42-82) 10 6) Prepare an Adjusted Trial Balance ("Adjusted TB* worksheet) 117) Prepare all four financial statements ("Fin Stmts" worksheet) 13 Events: 14 a) Purchased $24,000 of equipment for use in the business, paid cash. 15 b) Earned $160,000 in service revenues for 2020, including $40,000 on credit and $120,000 collected in cash. 16 c) Collected accounts receivable, $24,000. 17 d) Customer paid $12,000 in advance for future services, 18 ) Paid accounts payable, $13,000 19 On July 1, paid $20,000 to rent a building for the rest of 2020 and the first half of 2021. 20 ) Purchased $18,000 supplies on account for future use. 21 ) Declared and paid a $17,000 cash dividend. 22 Information for Adjustments: 23 ) Determined after a year-end count that $20,000 of supplies had been used during the year. 24 Depreciation for the year on the equipment, $6,000 25 k) Accrued $1,000 interest on an outstanding loan (promissory note). 26 1) Building rental expenses for the year, paid in transaction (1. had not yet been recorded, 27 m) Wages of $12,000 earned by employees since the December 24 payroll were not yet paid. 28 n) Vermillion provided $4,000 in service that had been prepaid in transaction (d). o) During December, Vermillion provided $5,000 in service on account p) Income tax for the year was $16,000. It will be paid in 2021. 31 32 Instructions Grid J-Es UnAdj TB Adjusted TB Fin Stmts 29 30 + Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Requirements: A2 D Vermillion, Inc. began business operations on January 1, 2020. Vermillion'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 2020 and complete the requirements using the 1 other worksheets 2 Requirements: 3 1) Record events a) through h) below in the accounting equation ("Grid worksheet, rows 7-15) 42) Record events a) through h) below as journal entries (")-Es' worksheet, rows 1-41) 5 Note: See the instruction in row 1 of the "X-Es" sheet about Account Names and Basic Acct Eq. Impacts. Although there was only one column for expenses on the grid, in your journal entries you must use the appropriate expense account names from the chart of accounts. 7 3) Prepare an Unadjusted Trial Balance ("Unadj TB"worksheet) 8 4) Record events i) throughp) in the accounting equation ("Grid" worksheet, rows 16-29) 9 5) Record events i) through p) below as journal entries (")-Es' worksheet, rows 42-82) 10 6) Prepare an Adjusted Trial Balance ("Adjusted TB* worksheet) 117) Prepare all four financial statements ("Fin Stmts" worksheet) 13 Events: 14 a) Purchased $24,000 of equipment for use in the business, paid cash. 15 b) Earned $160,000 in service revenues for 2020, including $40,000 on credit and $120,000 collected in cash. 16 c) Collected accounts receivable, $24,000. 17 d) Customer paid $12,000 in advance for future services, 18 ) Paid accounts payable, $13,000 19 On July 1, paid $20,000 to rent a building for the rest of 2020 and the first half of 2021. 20 ) Purchased $18,000 supplies on account for future use. 21 ) Declared and paid a $17,000 cash dividend. 22 Information for Adjustments: 23 ) Determined after a year-end count that $20,000 of supplies had been used during the year. 24 Depreciation for the year on the equipment, $6,000 25 k) Accrued $1,000 interest on an outstanding loan (promissory note). 26 1) Building rental expenses for the year, paid in transaction (1. had not yet been recorded, 27 m) Wages of $12,000 earned by employees since the December 24 payroll were not yet paid. 28 n) Vermillion provided $4,000 in service that had been prepaid in transaction (d). o) During December, Vermillion provided $5,000 in service on account p) Income tax for the year was $16,000. It will be paid in 2021. 31 32 Instructions Grid J-Es UnAdj TB Adjusted TB Fin Stmts 29 30 +