Please help me fix my journal entries! I will uplike!

Styles Dresser Company sells one product. This project summarizes the accounting cycle for 2021 for Dresser Company. Please complete the following requirements, recording your answers in the project's Excel file. 1. The financial statements for year ended December 31, 2020 are presented in the first worksheet of the Excel data file for this project. Post these beginning balances to the T-accounts in the third worksheet in the file. 2. Prepare the journal entries presented on the next page of this document in the second worksheet of the Excel file. 3. Post the journal entries to the T-accounts in the third worksheet. 4. Prepare an unadjusted trial balance as of Dec. 31, 2021 in the fourth worksheet based on the balances in the T-accounts in the third worksheet. 5. Prepare the adjusting journal entries presented on the next page of this document in the second worksheet 6. Post the adjusting journal entries to the T-accounts in the third worksheet. Record these adjusting journal entries in the fourth worksheet as well. 7. Prepare an adjusted trial balance as of Dec. 31, 2021 in the fourth worksheet. 8. Complete the rest of the accounting worksheet for the income statement and balance sheet in the fourth worksheet in the Excel file. 9. Prepare a multiple-step income statement in the fifth worksheet in the Excel file. Income tax expense is 30%. No earnings per share calculations required. 10. Prepare the journal entry to record income taxes in the second worksheet and post the amounts to the T-accounts in the third worksheets 11. Prepare a statement of Retained Earnings in the sixth worksheet. 12. Prepare a classified balance sheet in the seventh worksheet. 13. Prepare the closing entries as of Dec. 31, 2021 in the second worksheet. 14. Post the closing entries to the T-accounts in the third worksheet. 2 Paragraph Styles 14. Post the closing entries to the T-accounts in the third worksheet. 15. Prepare a post-closing trial balance in the eighth worksheet. Additional information: 1. All sales, sales returns, purchases, and purchase returns of inventory are on account unless stated otherwise. 2. Inventory is accounted for using the perpetual inventory method and FIFO. 3. All salary and wages are considered selling expenses. 4. Dresser does not offer sales discounts to its customers and does not take advantage of any purchase discounts offered by its suppliers, Paragraph Styles Journal Entries: 1. Dresser paid the interest due on the Bonds Payable on January 1. 2. Dresser paid $950 of salaries and wages, which includes the amount accrued as of December 31, 2020. 3. Dresser sold 4,000 units of inventory for $15.00 each. 4. Dresser purchased supplies on account for $1,300. 5. Dresser purchased 2,000 units of inventory for $1.60 each. 6. Dresser sold 2,600 units of inventory for $16.00 each. 7. Dresser wrote off as uncollectible the accounts of Barker Corporation ($2,200) and Elm Company ($3,400) 8. Dresser paid the interest due on the Bonds Payable on July 1. 9. Dresser purchased 2,500 units of inventory for $1.62 each. 10. Dresser collected $1,400 from Elm Company, part of the balance previously written off. 11. Dresser paid salaries and wages of $72,000. 12. Dresser paid $6,600 for insurance coverage from May 1, 2021 thru April 30, 2022. 13. Dresser sold 3,500 units of inventory for $16.50 each. 14. Dresser collected $87,800 from customers on account. 15. Dresser purchased 3,800 units of inventory for $1.65 each. 16. Dresser paid $10,300 on accounts payable. 17. Dresser sold 500 units of inventory for $15.50 each as a cash sale. 18. Dresser paid $1,600 selling expenses and $3,850 administrative expenses. 19. Dresser declared and paid $6,000 in dividends to its stockholders. 20. Dresser accepted a $55,000, 6%, 3 year note receivable from a trusted customer for 3,000 units of inventory on October 1. The market rate of interest on Oct. 1 was 5%. Interest is received semiannually on April 1 and Oct. 1 Paragraph Styles Adjusting Journal Entries: 1. Prepaid insurance expires evenly each month. 2. A count of supplies at year end revealed $480 of supplies on hand. 3. Interest is recorded on the long-term note receivable. 4. Interest is recorded on the Bonds Payable. 5. Depreciation on the equipment is calculated using the sum-of-years-digits method. The salvage value is $2,000, life is 10 years, and 4 years are depreciated as of Dec. 31, 2020. 6. Depreciation on the building is calculated using the straight-line method. The salvage value is $10,000, life is 30 years, and 10 years are depreciated as of Dec. 31, 2020. 7. Salaries and wages payable at year end amounted to $800. 8. Dresser performed an aging analysis of its year end Accounts Receivable as follows: 0-30 days 31-60 days 61-90 days > 90 days AVR Balance % (balance) 60% 20% 10% 10% % Uncollectible 10% 30% 50% 70% 9. Income tax is recorded at $25,946. Check figures: Cash ending balance Inventory ending balance $ 3,950 $ 3,795 Total Unadjusted Trial Balance Total Adjustment columns on Worksheet $ 423,725 $ 63,300 Interest receivable balance $ 825 Income before income tax $ 86,488 $ 73,319 Total Current Assets Accounts receivable balance Retained earnings balance $ 81,670 $ 68,067 Total Current Liabilities $ 41,466 3 Dresser Company 4 Balance Sheet 5 31-Dec-20 6 7 Assets: 8 Current Assets 9 Cash $ 12,300 15,720 Liabilities and Stockholders' Equity: Current Liabilities Accounts Payable Interest Payable Salary and Wages Payable Total Current Liabilities 10 Accounts Receivable 8,200 2,000 11 400 ** 12 (7.210 11.580 2.000 $ 10,600 Less Allowance for Doubtful Accounts Inventory Prepaid Insurance Supplies Total Current Assets 13 14 590 15 Long Term Liabilities Bonds Payable, 8% 10 year *** $ 34.980 $ 50 000 16 Total Liabilities $ 60,600 17 Property. Plant and Equipment: 18 Building $ 100 000 19 Less Accumulated Depreciation (30.000) 20 Equipment 60 000 21 Less Accumulated Depreciation (35,855) 22 Total Property. Plant and Equipment $ 94,145 23 $ 55,000 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 13,525 $ 68.525 24 25 26 27 Total Assets $ 129,125 Total Liabilities and Stockholders' Equity $ 129.125 28 *** Interest payable Jan. 1 and July 1 29 30 **Inventory balance is: 31 4000 units at $1.50 each 32 3600 units at $1.55 each 33 Total Inventory 34 $ 6,000 5,580 $ 11,580 25 le B D E G H 1 Journal Entries 2 +86/110 Debit 2.000 3 JE # Account Names 1 Interest payable Cash Credit 4 5 2.000 6 7 2 Salaries and Wages Payable Salaries and Wages Expense Cash 400 550 8 9 950 10 11 3a 60.000 Accounts Receivable Sales Revenue 1 Sales what? 12 60.000 13 2 missing COGS/Inv entry: uses perpetual inventory method 14 3b Cost of Good Sold Inventory 6000? 15 60002 16 17 4 Supplies Accounts Payable 1,300 18 1300 19 20 5 Inventory Accounts Payable 3 200 -1 uses perpetual inventory method 21 3 200 22 236a Accounts Receivable Sales Revenue 41.600 24 41.600 25 26 6b Cost of Good Sold Inventory 27 28 -2 missing COGS/Inv entry 29 7 Allowance for doubtful accounts Accounts Receivable 5,600 30 5.600 31 32 8 Interest Expense Cash 2,000 33 2.000 34 35 9 Inventory Accounts Payable 4,050 36 4.050 37 38 10 Accounts Receivable Allowance for doubtful accounts 1,400 39 1.400 40 0 1 1,400 10 Cash Accounts Receivable 2 1,400 #3 44 72,000 11 Salaries and Wages Expense Cash 45 72,000 46 47 6,600 12 Prepaid Insurance Cash 48 6,600 49 50 57,750 13 Accounts Receivable Sales 51 57,750 52 -2 Missing COGS/Inv entry 53 87,800 14 Cash Accounts Receivable 54 87,800 55 56 6,270 15 Inventory Accounts 57 ayable 6,270 58 59 16 Accounts Payable Cash 10,300 60 10,300 61 62 7.750 17 Cash Sales 63 7.750 64 -2 missing COGS/Inv entry 65 18 Selling expense Administrative expense Cash 1,600 3,850 66 67 5,450 68 69 19 Dividend Cash 6,000 70 6,000 71 72 20 Note Receivable Sales 55.000 73 55,000 74 -2 see notes receivable handout for calculating this amount -2 missing COGS/Inv entry 75 ADJUSTING JOURNAL ENTRIES 76 77 1 Insurance expense Prepaid insurance 2,000 -1 What about the new policy? 78 2,000 79 80 110 2 Supplies expense Supplies Balance Sheet Dec 2020 -1 | think you are missing the beginning balance on the balance sheet 21 Journal Entries 110 T-Accounts Accounting Worksheet Income Statement -2 See holes receivable handout for calculating this amount -2 missing COGS/Inv entry ADJUSTING JOURNAL ENTRIES 1 Insurance expense Prepaid insurance 2,000 -1 What about the new policy? 2,000 2 Supplies expense Supplies 110 -1 I think you are missing the beginning balance on the balance sheet 110 3 Accured Interest Interest Income 6,600 -3 accrued' is for payables, not receivables see note receivable handout for calculating these amounts 6,600 4 Interest expense Interest payable 2,000 2,000 5 Depreciation Accumulated Depreciation- Equipment 7,382 -1 Depreciation what? 7,382 -1 off one year 6 Depreciation Accumulated Depreciation- Building 3,000 3,000 7 Salaries and Wages expense Salaries and Wages payable 800 800 8 -3 see bad debt accounting handout for aging method. You first need the ending A/R balance to allocate to the periods based on the % given 9 Income tax expense Income tax payable 25,916 25,916 B C D E F G . K 1 T-Accounts 2 3 Cash Beg Bal $12,300 Accounts Receivable Beg Bal $15,720 Allowance for Doubtful Accts Beg Bal $7,210 4 Inventory Beg Bal $11,580 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Prepaid Insurance Beg Bal $2,000 Supplies Beg Bal $590 19 Equipment Beg Bal $60,000 Accumulated Depreciation - Equip Beg Bal $35,855 20 21 22 23 24 25 26 Building Beg Bal $100,000 27 Accumulated Depreciation - Build Beg Bal $30,000 Accounts Payable Beg Bal $8,200 Interest Payable Beg Bal $2,000 28 29 30 31 32 33 34 Salaries & Wages Payable Beg Bal $400 35 Bonds Payable Beg Bal $50,000 Common Stock Beg Bal $55,000 Retained Earnings Beg Bal $13,525 36 37 38 40 41 42 51 Interest Receivable Note Receivable Long Term 12. 43 24 Premium on Note Receivable #5 66 47 18 9 50 Sales Revenue Cost of Goods Sold 51 Salaries & Wages Expense 2 53 55 56 57 58 59 30 Insurance Expense Interest Revenue 51 Interest Expense Depreciation Expense - Equipment 2 53 95 56 57 FO Bad Debt Expense Supplies Expense Selling Expenses Administrative Expenses 72 3 24 25 26 +7 Depreciation Expense - Building Income Tax Expense 3 Income Tax Payable Dividends 20 81 32 Balance Sheet Dec 2020 Journal Entries T-Account Income Summary 90 91 92 94 Adjusting Journal Entries Debit Credit Adjusted Trial Balance Debit Credit 4 Income Statement Debit Credit Balance Sheet Debit Credit 1 Accounting Worksheet 2 3 Unadjusted Trial Balance 5 Account Name Debit Credit 6 Cash 7 Accounts Receivable 8 Allowance for Doubtful Accounts 9 Interest Receivable 10 Inventory 11 Prepaid Insurance 12 Supplies 13 Note Receivable, Long Term 14 Premium on Note Receivable 15 Building 16 Accumulated Depreciation - Build 17 Equipment 18 Accumulated Depreciation - Equip 19 Accounts Payable 20 Interest Payable 21 Salary and Wages Payable 22 Bonds Payable 23 Common Stock 24 Retained Earnings 25 Sales Revenue 26 Cost of Goods Sold 27 Selling Expenses 28 Administrative Expenses 29 Salary and Wages Expense 30 Interest Expense 31 Depreciation Expense - Equipment 32 Depreciation Expense - Building 33 Bad Debt Expense 34 Insurance Expense 35 Supplies Expense 36 Interest Revenue 37 Dividends A 38 39 Income Tax Expense 40 Income Tax Payable 41 42 43 Totals 44 Income before Income Taxes 45 Income Tax Expense (30%) 46 Net Income 47 A B D E 1 Income Statement 2. 3 } Heading 4. 5 6 (description of item) (s amounts) (s amounts) ($ amounts) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 22 23 24 25 26 B D E 1 Statement of Retained Earnings 2 3 } 4 Heading 5 (description of item) (Samounts) is amounts) 7 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Balance Sheet Dec 2020 Journal Entries T- AU 3 Format Painter Indo Clipboard Font Number Alignment 4 V XV fx Balance Sheet A B D G } Heading descnption of item) (S amounts) (S amounts Y description of item (5 amounts) (S dmourits 0 1 2 3 4 5 26 27 28 30 31 32 33 A B C D E 1 Post-Closing Trial Balance 2 3 Account Name Debit Credit 4 5 6 7 8 9 10 12 13 15 16 17 18 19 20 21 22 23 24 25 26 27 28 .. T-Accounts Accounting Worksheet Income Statement Statement of Retained Earni Ready