Please help with the T-Accounts

ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2021.

Given on the first two tabs are ABC's 12/31/21 Unadjusted Trial Balance and a list of needed adjustments.

1. Make all 14 adjustments on the "Adjusting Journal Entries" tab. Remember to include a description under each journal entry.

2. Post the adjustments to the general ledger on the "12-31-21 T-Accounts" tab. You may have to add T-Accounts for new accounts.

Link your T-Account entries to your Journal Entries. PLEASE NOTE THAT THE "BB" (BEGINNING BALANCES) FOR THE

T-ACCOUNTS REPRESENT THE BALANCES AS OF 12/31/21.

3. Once the 12/31/21 T-Accounts are complete, the Adjusted Trial Balance. There may be some accounts with zero dollars, and you

may have to insert lines for new accounts. Link the Adjusted Trial Balance to your T-Accounts.

4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Shareholders' Equity, and Balance Sheet.

For purposes of the Income Statement, using the multiple step format and assume that Rent Revenue, any Unrealized Holding Gains/Losses,

Interest Expense, Interest Revenue, and any other Gains/Losses are NOT part of the major central ongoing operations of the company. For purposes

of the Balance Sheet, be sure to pree a classifed Balance Sheet. Link your financial statements to your Adjusted Trial Balance.

If necessary, review financial statement preparation in Chapters 3 and 4 of your Intermediate Accounting textbook for a quick refresher.

5. When the Financial Statements are complete, make the closing entries on the "Closing Entries" tab.

6. When closing entries have been made, post the entries to the general ledger on the "Post-Close T-Accounts" tab. Make sure your adjusting

journal entries are also on your Post-Close T-Accounts. They will not automatically flow from tab-to-tab. (Helpful hint: After you have completed

and posted all of your adjusting entries, make a duplicate copy of your "12-31-21 T-Accounts" tab to replace the existing blank

"Post-Close T Accounts" tab by right clicking on the completed "12-31-21 T-Accounts" tab, select Move or Copy,

newly duplicated tab as your "Post-Close T-Accounts" tab).

7. The final step is the Post-Closing Trial Balance, which will use the ending balances from the Post-Close T-Accounts.

8. Double-check your work. Here are a few things to check for:

-Adjusted Trial Balance: Make sure debit column and credit column total to the same figure at the bottom.

-Net income from the income statement will flow through to the Statement of Retained Earnings.

-Ending Shareholders' Equity balances will flow through to the Stockholders' Equity section of the Balance Sheet.

-The Post-Closing Trial Balance should not have any revenue, expense, gain, or loss (temporary) accounts.

-Check figure 1: Income from operations = $855,539.

-Check figure 2: Income before income taxes = $827,212.

-Check figure 3: Total Current Assets at 12/31/21 = $1,721,718.

-Check figure 4: Retained Earnings at 12/31/21 = $633,770.

-Check figure 5: Total Stockholders' Equity at 12/31/21 = $1,078,770.

-Check figure 6: Total Liabilities at 12/31/21= $1,525,558.

-Check figure 7: Total Other Income/Gains and (Expenses)/(Losses) for 2021= ($61,327).

-Remember: Neatness matters in Financial Statements. Print or Print Preview before submitting to make sure your statements are neat.

Otherwise, management may send back to you for revision!

-Include your work at the bottom of each tab as needed.

-Ask questions prior to the day/night before the due date. The due date is clearly indicated on the course schedule.

-Utilize formulas and worksheet linkings in your financial statements to improve accuracy and save time in completing the assignment.

-Please take advantage of Excel by using formulas to calculate groups of numbers (i.e. "Total Liabilities and Stockholders' Equity").

T-Accounts

Beginning balances (bb) on these T-accounts are the 12/31/21 unadjusted balances.

Hint: If there is no beginning balance (bb), it is a new account.