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Part 1- Adjusting Journal Entries- This problem is worth 15 points. You MUST use an Excel spreadsheet for your answers. Please make sure your name

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Part 1- Adjusting Journal Entries- This problem is worth 15 points. You MUST use an Excel spreadsheet for your answers. Please make sure your name is on the top line (Column A-Row 1) of your spreadsheet. The following information was taken from the books of Ames Corp, for the year ended December 31, 201X. Ames Corp. adjusts their books ANNUALY, and closes them at the end of the year. 9) A note receivable was signed with a customer on December 1st. The note was for $50,000. The interest rate is 9% annually. The note, plus all of the accrued interest is due on November 30th, next year. 10) The company was notified on December 15th that they are being sued $1,000,000 as a result of a product liability injury. The company expects that this will be settled within their insurance limits. 11) Income taxes n the current year's profits are $40,000. This will be paid by March 31", next year. Required: Prepare, in proper format, the adjusting journal entries required as of December 31st, 2018. BONUS POINT: Indicate, by number, which of the adjusting journal entries MIGHT be required to be reversed. (you must list ALL the correct ones to receive this bonus)

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