Part $2$ instructions

$1.$ Using the feedback provided from your instructor in the gradebook comments, update any incorrect items.

$2.$ Prepare the Adjusted trial balance.

$3.$ Prepare the Income Statement, Statement of Retained Earnings, and the Balance Sheet.

$4.$ Prepare the Closing journal entries and Post$-$closing trial balance.

Part $2($of $2)$ Acct $101$ Project

Part $2$ of the project picks up where part $1$ left off. Use the graded feedback from part $1$ and correct any mistakes. To check your work before beginning, I will provide the journal entry answers in the following module $5$ item at the beginning of week $6$ time frame. Thus resubmissions to Part $1$ must be completed by the Module $5$ normal due date. For any items still incorrect, use these entries to correct your T$-$Accts. To help ensure you are on the correct path, Total Assets should equal $$82,878.$

The same instructions from Module $3$ are recopied below. Scroll down to page $2$ for the remaining items to complete. All answers should be submitted in the same Excel template as part $1.$

Part $2$ contains the following

Adjusted trial balance

Income statement

Statement of owner$$s equity

Balance sheet

General journal $($for journalizing closing entries$)$

Post$-$closing trial balance

Part $2$ will have you correct any mistakes and then complete the project. The remaining parts of the project include preparing the adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries, and post$-$closing trial balance.

December business transactions

Dec. $1$st $$ Collected $$650$ from Franklin from a previous engagement in Oct.

Dec. $2$nd $$ Paid $$1,594$ on Gusto$$s Inc. invoice from a previously recorded transaction with check #$1301.$

Dec $3$rd $$ Paid December rent of $$2,225$ with check #$1302.$

Dec $4$th $$ Completed additional work for Washington, sent invoice #Y$77$P for $$1,375$ due in $1$ month.

Dec. $5$th $$ Paid employee from work previously expensed in Nov. with payment due Dec. $5$th using check #$1303.$

Dec. $8$th $-$ Purchased land on a note for $$38,275$ to be used for future construction of a new office building.

Land and Notes payable will have account numbers of $150$ and $240,$ respectively.

Dec. $9$th $-$ Paid $$1,488$ to cover all utilities for the month of Dec using check #$1304.$

Dec. $10$th $-$ Completed $$498$ worth of work for a repeat customer who pays cash immediately upon completion.

Dec. $11$th $-$ Collected $$965$ from Washington from a previous engagement in Nov.

Dec. $12$th $-$ Our employee earned two weeks of pay amounting to $$1,775,$ to be paid Dec. $23$rd$.$

$*$employee took vacation from Dec. $15$th$-$Dec. $31$st$.$ No pay will accrue$*$

Dec. $15$th $-$ Leah Tyler, the owner, withdrew $$3,268$ for personal use using check #$1305.$

Dec. $16$th $$ Completed a large job for Franklin for $$11,750.$ Sent invoice #Y$78$P due Jan. $31$st$.$

Dec. $22$nd $$ Franklin paid $$2,680$ to pay off some of his balance due.

Dec. $23$rd $$ Paid our employee for the work expensed Dec. $12$th$.$

Dec $24$th$-$Dec. $31$st $$ Owner took off the rest of the year.

Adjustments $($due with Part $1)$

$1.$ The equipment was used for the third year.

$2.$ Prepaid insurance was adjusted for Oct$-$Dec usage.

$3.$ Unearned revenue was updated to show $3$ months of work completed.

$4.$ A final count of supplies showed $$330$ remaining.

Transfer the opening trial balance amounts to the T$-$Accts.

Journal and post to the T$-$Accts the December and adjusting transactions.

Total each T$-$Acct and provide the equation total at the top in the highlighted cells.

Check Figure $$ The cash T$-$Acct final balance should be $ $28,943$