PART 2 At the end of the year record adjusting entries using the following adjustment information: R. S. Expired insurance for the year {expired insurance is only booked at year-end) is 5900. Ofce supplies on hand at yearend are $200. T. Accrued wages at yearend are 53.200. U. Accrued interest revenue on the Home Savings Bank CD. referred to in \"E" at year-end is $300. V. By yearend, performed 525.000 of services. referred to in 'P'. for City of Madison. W. X Y Z By yearend, performed 1.": of the project referred to in 'B'. . Depreciation expense on the equipment for the year is $4400. . Depreciation expense on the building for the year is $4.000. . Ending merchandise inventory is $28,500. This adjusting entry will include an update to the COGS account. Yearend inventory is adjusted with an adjusting entry similar to page 7'9 of the Systems Understanding Aid Reference manual. . Adjusting Entries Using the Excel generaljournal pages provided. prepare generaljournal entries for transactions R-Z. Omit explanations. Using crossreferencing in Excel. post these journal entries to the same GL Accounts previously used. Any accounts which did not have a beginning balance or monthly activity. must be set up using the blank accounts that are available within the classification sections. Use the account names which are provided on the Excel GL 1lr'v'orlqsheet tab. Be certain to reference each entry with the proper letter. Calculate the balances of all GL accounts: properly show this balance on the GL Accounts and label as 'Adjf Transfer your adjusting entries into the Excel worksheet (use crossreferencing). be certain to enter the reference letter for each adjusting entry. Complete the Excel worksheet. Check figure adjusted trial balance should be $622,350 and net income should be $36,875. ."QIooH with the balances listed in each of the GL Accounts which are set up on the related excel file. Bates uses a periodic inventory system (a purchases account, a purchases returns and allowances account, a purchases discounts account and a transportation-in account are all used) During the year the following transactions took place: A. Bates invested additional $70,000 cash in the business. B. Received $125,000 in advance from the State of Wisconsin for services which will be performed at a later date. C. Received merchandise (will be resold to customers) purchased on account for $19,000. The terms were 2/10; n/30, FOB origination and the invoice included a $100 freight charge. Invoice is for $19,100. D. Paid a six-month insurance premium of $1,800. E. Purchased a $45,000 short-term certificate of deposit (CD) from Home Savings Bank. The CD is considered a short-term investment. F. Performed services for Dane County and immediately received $50,000. G. Made a $1,050 mortgage payment. $500 of the payment was for interest, the remainder was applied toward the loan principal. H. Returned $2,500 of the merchandise received in "C" above. I. Sold merchandise on account for $12,000; terms were 2/10, n/30; FOB origination. J. Received a return of $3,000 of the merchandise sold in "I" above. K. Gill Bates, the owner, withdrew $10,000 for personal use. L. Purchased $400 of office supplies by paying cash. M. Received payment for the merchandise sold in "I"; this payment properly took the discount and return into account. N. Paid the invoice related to "C"; this payment properly took the discount and return into account. O. Paid $7,775 in wages. P. Signed a contract with the City of Madison to perform services. Madison will pay Bates when all services are completed, early in 2011. No entry is required at this time. Required: PART 1 I. Monthly Entries 1. Using the excel general journal pages provided, prepare general journal entries for transactions A-P. Omit explanations. 2. Using cross-referencing in Excel, post these journal entries to the GL Accounts provided. Use the account names which are provided on the Excel worksheet. Be certain to reference each entry with the proper letter. 3. Calculate the balances of all accounts; properly show the balance in the GL Accounts tab. 4 . Transfer your unadjusted trial balance amounts from the GL Accounts (use cross-referencing) onto the Unadjusted Trial Balance columns of the excel worksheet. Check figure - unadjusted trial balance should be $588,280.W AutoSave Off Bates Company Review Problem Narrative(3) (1) - Protected View . Saved to this PC v Search (Alt+Q) Calista Daniels CD File Home Insert Draw Design Layout References Mailings Review View Help Comments Share PART 2 At the end of the year record adjusting entries using the following adjustment information: R. Expired insurance for the year (expired insurance is only booked at year-end) is $900. S. Office supplies on hand at year-end are $200. T. Accrued wages at year-end are $3,200. U. Accrued interest revenue on the Home Savings Bank CD, referred to in 'E' at year-end is $300. V. By year-end, performed $25,000 of services, referred to in 'P', for City of Madison. W. By year-end, performed 1/2 of the project referred to in 'B'. X. Depreciation expense on the equipment for the year is $4,400. Y. Depreciation expense on the building for the year is $4,000. Z. Ending merchandise inventory is $28,500. This adjusting entry will include an update to the COGS account. Year-end inventory is adjusted with an adjusting entry similar to page 79 of the Systems Understanding Aid Reference manual. II. Adjusting Entries 1. Using the Excel general journal pages provided, prepare general journal entries for transactions R-Z. Omit explanations. 2. Using cross-referencing in Excel, post these journal entries to the same GL Accounts previously used. Any accounts which did not have a beginning balance or monthly activity, must be set up using the blank accounts that are available within the classification sections. Use the account names which are provided on the Excel GL Worksheet tab. Be certain to reference each entry with the proper letter. 3. Calculate the balances of all GL accounts; properly show this balance on the GL Accounts and label as 'Adj.' 4 . Transfer your adjusting entries into the Excel worksheet (use cross-referencing), be certain to enter the reference letter for each adjusting entry. 5. Complete the Excel worksheet. Check figure - adjusted trial balance should be $622,350 and net income should be $36,875. Final Directions: Save and submit through BlackBoard. Page 2 of 2 742 words Text Predictions: On LO Focus 100% 66.F O O X 1:02 PM 9/5/2022 D Mostly cloudy