Please help with A-K

1. On the "AJE worksheet, prepare the adjusting journal entries in good form for the following items. Identify each entry by letter in Column B. Round all answers to the nearest dollar. You may omit explanations. Leave a blank row between each journal entry. All the accounts you need are given on the worksheet. Use only these accounts, written exactly as presented on the worksheet. (Hint: use cell references.) Prepare journal entries and financial statements for the year ended December 31, 2019. No adjusting entries have been made since December 31, 2018. a. Grizzlies, Inc. borrowed money by issuing a nine-month, $16,000, 5.0% note on October 1, 2019 with interest and principal to be paid on maturity. b. On November 1, 2019, Grizzlies, Inc. rented storage space at a cost of $600 per month. On that date Grizzlies, Inc. recorded Prepaid Rent for five months' rent paid in advance. c. Grizzlies, Inc. recorded the purchase of $5,200 of shop supplies during the year by increasing the Shop Supplies account. A physical count of the shop supplies on December 31, 2019, shows $2,500 in shop supplies on hand. d. Store supplies totaling $14,800 were purchased during the year and were immediately recorded as an expense. A physical count of the store supplies on hand December 31, 2019, indicates a balance of $2,600. e. On April 1, 2019, Grizzlies, Inc. purchased a 24-month insurance policy for $12,600. 1. On July 1, 2019, Grizzlies, Inc. collected $14,000 for consulting services to be performed from July 1, 2019 to February 28, 2020. The company credited the Unearned Consulting Revenue account when paid. g. Grizzlies, Inc. rented idle office space to Squirrels, Inc. on February 1, 2019, at a rate of $1,400 per month. On this date Grizzlies, Inc. credited Unearned Rent Revenue for one year of rent received in advance. 3 4 5 6 27 h. Grizzlies, Inc. is open five days a week and has a daily payroll of $3,600. Employees are paid every Friday. Assume December 31 is a Wednesday. The payroll is allocated as follows: 20% of the payroll relates to office employees, and the balance relates to sales employees. 1. Depreciation for store equipment has been calculated to be $1,100 per month j. Depreciation for office equipment has been calculated to be $700 per month. k. Utilities expenses of $1,200 were incurred, but not yet recorded. Utilities expense is allocated as follows: 15% relates to the office and the balance relates to the store. 28 29 2. After the above adjusting journal entries are entered on the "AJE" worksheet, the amounts should be linked to the adjustments column of the worksheet tab. Your adjustment amounts on the worksheet should be a cell reference so if you change the debit or credit amount on the "AJE" worksheet, the adjustments column amount will automatically change. Aside from the Unadjusted Trial Balance columns on the worksheet, the "AJE" worksheet should be the only worksheet containing manually entered numbers. Formulas or cel references must be used in the rest of the workbook when a numerical amount is needed. 3. Complete the adjusted trial balance columns on the worksheet using only formulas. The adjusted trial balance columns of the worksheet should not contain manually entered numbers, only formulas or cell references. Points will be awarded for the efficient use of formulas. 4. Complete the income statement and balance sheet columns in the worksheet. Again, these columns should not contain manually entered numbers, only formulas or cell references. Points will be awarded for the efficient use of formulas. 5. Prepare a multi-step income statement on the "S" worksheet. The income statement should be in good form (proper titles, etc., use examples from your book for guidance) and properly formatted. All cells containing numbers should be formula-driven, not manually entered numbers. The income statement should be linked to the adjusted numbers on the worksheet. 6. Prepare a retained earnings statement on the "RE" worksheet in good form. Again, all numbers should be cell references or formulas, not manually entered. 7. Prepare a classified balance sheet as of December 31, 2019 on the "BS" worksheet in good form. Again, all numbers should be cell references or formulas, not manually entered. 8. On the "CJE" worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the end of December 31, 2019. Again, all numbers should be cell references or formulas, not manually entered. Adjusting Journal Entries For the Year Ended December 31, 2019 Item Account Title a. Interest Expense Interest Payable Dr. Cr. 200 200 b. Rent Expense Prepaid Rent C. Shop Supplies Expense Shop Supplies 2,700 2,700 d Shop Supplies Expense Shop Supplies 2,600 2,600 e. Insurance Expense Prepaid Insurance f. Uneamed Consulting Revenue Consulting Revenue g. Uneamed Rent Revenue Rent Revenue h. Office Salaries Expense Sales Salaries Expense Salaries Payable i. Depreciation Expense Accumulated Depreciation - Store Equipment 1. Depreciation Expense Accumulated Depreciation - Office Equipment k. Office Utilities Expense Store Utilities Expense Utilities Payable 6 7 8 Adjusted Trial Balance Dr. Cr Dr. Income Stmt Dr. Cr. Balance Sheet Dr. Cr. Worksheet For the Year Ended December 31, 2019 Unadjusted Account Title Trial Balance Adjustments Cr. Dr. Cr. Cash 36.000 Accounts Receivable 277,000 Inventory 242.500 Prepaid Insurance 12,600 Prepaid Rent 3,000 Store Supplies 300 Shop Supplies 5.200 Store Equipment 120.000 Accumulated Depreciation - Store Equipment 11.000 Office Equipment 32,000 Accumulated Depreciation - Office Equipment 2.100 Accounts Payable 49.000 Salaries Payable Interest Payable Utilities Payable Uneamed Consulting Revenue 14.000 Uneamed Rent Revenue 18.800 Note Payable 15,000 Common Stock 300,000 Retained Eamings 189.350 Dividends 11.200 Sales Revenue 1,575.000 Consulting Revenue Ront Revenue Interest Revenue Cost of Goods Sold 975,000 Sales Salaries Expense 275.000 Office Salaries Expense 150.000 Miscelaneous Administrative Expense 5,650 Miscellaneous Selling Expense 13.900 Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Store Supplies Expense 14.800 Shop Supplies Expense Rent Expense Insurance Expense Interest Expense Ultes Expense-Store Utilties Expense-Office 2,174,15024174,150 Not income Net Income ROAD Eaming Statement + 4 5 B 7 8 9 0 1 2 3 24 25 26 27 2B 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 AGON + 5 7 8 9 10 11 12 13 14 15 16 17 18 37 38 39 47 48 50 51 52 53 54 55 56 57 For the Year Ended December 31, 2019 Account Title Dr. Cr. 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Adjusting JE Column Totals 70,625 Adjusted Trial Balance Column Totals 2,207,950 Gross Profit 600,900 Net Income 127,325 Ending Balance in Retained Earnings 305,475 Total Assets on Balance Sheet 687,575 Ending Balance in Income Summary 1 2 1. On the "AJE worksheet, prepare the adjusting journal entries in good form for the following items. Identify each entry by letter in Column B. Round all answers to the nearest dollar. You may omit explanations. Leave a blank row between each journal entry. All the accounts you need are given on the worksheet. Use only these accounts, written exactly as presented on the worksheet. (Hint: use cell references.) Prepare journal entries and financial statements for the year ended December 31, 2019. No adjusting entries have been made since December 31, 2018. a. Grizzlies, Inc. borrowed money by issuing a nine-month, $16,000, 5.0% note on October 1, 2019 with interest and principal to be paid on maturity. b. On November 1, 2019, Grizzlies, Inc. rented storage space at a cost of $600 per month. On that date Grizzlies, Inc. recorded Prepaid Rent for five months' rent paid in advance. c. Grizzlies, Inc. recorded the purchase of $5,200 of shop supplies during the year by increasing the Shop Supplies account. A physical count of the shop supplies on December 31, 2019, shows $2,500 in shop supplies on hand. d. Store supplies totaling $14,800 were purchased during the year and were immediately recorded as an expense. A physical count of the store supplies on hand December 31, 2019, indicates a balance of $2,600. e. On April 1, 2019, Grizzlies, Inc. purchased a 24-month insurance policy for $12,600. 1. On July 1, 2019, Grizzlies, Inc. collected $14,000 for consulting services to be performed from July 1, 2019 to February 28, 2020. The company credited the Unearned Consulting Revenue account when paid. g. Grizzlies, Inc. rented idle office space to Squirrels, Inc. on February 1, 2019, at a rate of $1,400 per month. On this date Grizzlies, Inc. credited Unearned Rent Revenue for one year of rent received in advance. 3 4 5 6 27 h. Grizzlies, Inc. is open five days a week and has a daily payroll of $3,600. Employees are paid every Friday. Assume December 31 is a Wednesday. The payroll is allocated as follows: 20% of the payroll relates to office employees, and the balance relates to sales employees. 1. Depreciation for store equipment has been calculated to be $1,100 per month j. Depreciation for office equipment has been calculated to be $700 per month. k. Utilities expenses of $1,200 were incurred, but not yet recorded. Utilities expense is allocated as follows: 15% relates to the office and the balance relates to the store. 28 29 2. After the above adjusting journal entries are entered on the "AJE" worksheet, the amounts should be linked to the adjustments column of the worksheet tab. Your adjustment amounts on the worksheet should be a cell reference so if you change the debit or credit amount on the "AJE" worksheet, the adjustments column amount will automatically change. Aside from the Unadjusted Trial Balance columns on the worksheet, the "AJE" worksheet should be the only worksheet containing manually entered numbers. Formulas or cel references must be used in the rest of the workbook when a numerical amount is needed. 3. Complete the adjusted trial balance columns on the worksheet using only formulas. The adjusted trial balance columns of the worksheet should not contain manually entered numbers, only formulas or cell references. Points will be awarded for the efficient use of formulas. 4. Complete the income statement and balance sheet columns in the worksheet. Again, these columns should not contain manually entered numbers, only formulas or cell references. Points will be awarded for the efficient use of formulas. 5. Prepare a multi-step income statement on the "S" worksheet. The income statement should be in good form (proper titles, etc., use examples from your book for guidance) and properly formatted. All cells containing numbers should be formula-driven, not manually entered numbers. The income statement should be linked to the adjusted numbers on the worksheet. 6. Prepare a retained earnings statement on the "RE" worksheet in good form. Again, all numbers should be cell references or formulas, not manually entered. 7. Prepare a classified balance sheet as of December 31, 2019 on the "BS" worksheet in good form. Again, all numbers should be cell references or formulas, not manually entered. 8. On the "CJE" worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the end of December 31, 2019. Again, all numbers should be cell references or formulas, not manually entered. Adjusting Journal Entries For the Year Ended December 31, 2019 Item Account Title a. Interest Expense Interest Payable Dr. Cr. 200 200 b. Rent Expense Prepaid Rent C. Shop Supplies Expense Shop Supplies 2,700 2,700 d Shop Supplies Expense Shop Supplies 2,600 2,600 e. Insurance Expense Prepaid Insurance f. Uneamed Consulting Revenue Consulting Revenue g. Uneamed Rent Revenue Rent Revenue h. Office Salaries Expense Sales Salaries Expense Salaries Payable i. Depreciation Expense Accumulated Depreciation - Store Equipment 1. Depreciation Expense Accumulated Depreciation - Office Equipment k. Office Utilities Expense Store Utilities Expense Utilities Payable 6 7 8 Adjusted Trial Balance Dr. Cr Dr. Income Stmt Dr. Cr. Balance Sheet Dr. Cr. Worksheet For the Year Ended December 31, 2019 Unadjusted Account Title Trial Balance Adjustments Cr. Dr. Cr. Cash 36.000 Accounts Receivable 277,000 Inventory 242.500 Prepaid Insurance 12,600 Prepaid Rent 3,000 Store Supplies 300 Shop Supplies 5.200 Store Equipment 120.000 Accumulated Depreciation - Store Equipment 11.000 Office Equipment 32,000 Accumulated Depreciation - Office Equipment 2.100 Accounts Payable 49.000 Salaries Payable Interest Payable Utilities Payable Uneamed Consulting Revenue 14.000 Uneamed Rent Revenue 18.800 Note Payable 15,000 Common Stock 300,000 Retained Eamings 189.350 Dividends 11.200 Sales Revenue 1,575.000 Consulting Revenue Ront Revenue Interest Revenue Cost of Goods Sold 975,000 Sales Salaries Expense 275.000 Office Salaries Expense 150.000 Miscelaneous Administrative Expense 5,650 Miscellaneous Selling Expense 13.900 Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Store Supplies Expense 14.800 Shop Supplies Expense Rent Expense Insurance Expense Interest Expense Ultes Expense-Store Utilties Expense-Office 2,174,15024174,150 Not income Net Income ROAD Eaming Statement + 4 5 B 7 8 9 0 1 2 3 24 25 26 27 2B 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 AGON + 5 7 8 9 10 11 12 13 14 15 16 17 18 37 38 39 47 48 50 51 52 53 54 55 56 57 For the Year Ended December 31, 2019 Account Title Dr. Cr. 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Adjusting JE Column Totals 70,625 Adjusted Trial Balance Column Totals 2,207,950 Gross Profit 600,900 Net Income 127,325 Ending Balance in Retained Earnings 305,475 Total Assets on Balance Sheet 687,575 Ending Balance in Income Summary 1 2