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Accounting Cycle Project Part 2 - Complete the cycle and Prepare Financials statements - Omega Car Supplies has identified the following accounts as needed to be adjusted. Complete the necessary adjusting entries: al Salaries earned but not paid for the period $3,500. b) Record accrued Interest income on investments of $600. c) Depreciation of $900. d) Determine the amount of Insurance that has expired. e) Supplies on hand - $1,200. f) Farned $2,000 of unearned revenue. El Record the amount of expired rent. h) Record accrued Interest expense of $800 on Note Payable Once all the adjustments are complete the company will need to calculate net income. Then you will calculate tax expense and recorded it (the offset is a tax payable). The company has an income tax rate of 25% Part 2 - Instruction - Due 10-18-submit in moodle drop box Instruction: You will prepare the following in excel: 1. General Journal a. Adjusted journal entries & Post to ledger 2. Ledger -T accounts a. Post adjusting activity - with Journal entry reference add on to unodjusted balance (this is your beginning) b. Show adjusted ending balance 3. Trial Balance a. Adjusted 4. Financial Statements a. Income statement (do not forget the EPS disclosure) b. Statement of Retained Earnings c Balance Sheet (remember all disclosures) d. Cash Flow - prepare a direct method (rernernber that GAAP requires a reconciliation when the direct method is used) 5. General Journal e. Post-closing journal entries & post to ledger 6. Ledger -Taccounts a. Show Adjusted balance b. Post-Closing activity with Journal entry reference c. Show ending closing balances 7. Trial Balance a. Post Closing Remember to use proper formatting for everything you dol Financial statements should be GAAP format and look professional and printer ready). Assume you are making this for a client Accounting Cycle Project Part 2 - Complete the cycle and Prepare Financials statements - Omega Car Supplies has identified the following accounts as needed to be adjusted. Complete the necessary adjusting entries: al Salaries earned but not paid for the period $3,500. b) Record accrued Interest income on investments of $600. c) Depreciation of $900. d) Determine the amount of Insurance that has expired. e) Supplies on hand - $1,200. f) Farned $2,000 of unearned revenue. El Record the amount of expired rent. h) Record accrued Interest expense of $800 on Note Payable Once all the adjustments are complete the company will need to calculate net income. Then you will calculate tax expense and recorded it (the offset is a tax payable). The company has an income tax rate of 25% Part 2 - Instruction - Due 10-18-submit in moodle drop box Instruction: You will prepare the following in excel: 1. General Journal a. Adjusted journal entries & Post to ledger 2. Ledger -T accounts a. Post adjusting activity - with Journal entry reference add on to unodjusted balance (this is your beginning) b. Show adjusted ending balance 3. Trial Balance a. Adjusted 4. Financial Statements a. Income statement (do not forget the EPS disclosure) b. Statement of Retained Earnings c Balance Sheet (remember all disclosures) d. Cash Flow - prepare a direct method (rernernber that GAAP requires a reconciliation when the direct method is used) 5. General Journal e. Post-closing journal entries & post to ledger 6. Ledger -Taccounts a. Show Adjusted balance b. Post-Closing activity with Journal entry reference c. Show ending closing balances 7. Trial Balance a. Post Closing Remember to use proper formatting for everything you dol Financial statements should be GAAP format and look professional and printer ready). Assume you are making this for a client