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DeeDee Double Entry, Incorporated creates accounting games and literature to enhance accounting education and financial literacy. Their business has been quite successful since their incorporation in January 1, 2020. DeeDee recently lost their accountant but luckily, they have arranged for a fine accounting student from Oakland University to assist in the closing process. They have provided you with the unadjusted trial balance for DeeDee Double Entry Incorporated as of 12/31/23. The previous accountant recorded all original entries involving cash, etc. during the year. However, at year-end the previous accountant would make all necessary adjusting/reclassification journal entries so that the principles of US GAAP were followed. Your task will be to create and record all necessary adjusting, correcting, and reclassification entries so that 2023 financial statements in accordance with US GAAP can be issued. The below information was discovered by reviewing contracts, agreements, correspondence and discussions with management. Your required tasks are as follows: 1. Read the below information and follow steps \#2 through \#9 2. On the "Adjusting Journal Entries" worksheet, prepare in journal entry form all adjusting and correcting journal entries based on the following information. All information was provided to you as of 12/31/2023. (Round all numbers to the nearest dollar). Label journal entries a through q. h. On August 1,2023 DeeDee loaned a key supplier, $180,000. A promissory note was signed and issued. The agreed upon annual interest rate was 4% and the key supplier has agreed to pay interest and the note receivable on August 1, 2024. The note was recorded in Notes Receivable and is the only note outstanding. At December 31, 2023, the bookkeeper had not accrued any interest. i. The office building was bought in January 1, 2020 by DeeDee and DeeDee plans to use the building f rSplitWindow with no estimated salvage value. DeeDee depreciates the building on a straignt-line basis. j. DeeDee uses the DDB method to depreciate office equipment. No office equipment was added during 2023. It is estimated that the office equipment has a useful life of 10 years with a salvage value of $4,000. Prior depreciation was correctly calculated based on period of time held. k. As of 12/31/2023 the Equity Investments have a fair value of $395,000 and the fair value of the Debt Investments, classified as AFS (Available-for-Sale) have a fair value of $110,000. Due to the market conditions, the company does not plan on selling the assets in 2024, but their intent is to sell at some point in time. You can ignore the tax effect on unrealized gains and losses. Unrealized gains/losses on equity investments is recognized on the income statement. Unrealized gains/losses on debt investments classified as available for sales is recognized as other comprehensive income. (Hint: Unrealized Gains and Losses - OCI are closed to Accumulated Other Comprehensive Income at the end of the year.) DeeDee Double Entry, Incorporated creates accounting games and literature to enhance accounting education and financial literacy. Their business has been quite successful since their incorporation in January 1, 2020. DeeDee recently lost their accountant but luckily, they have arranged for a fine accounting student from Oakland University to assist in the closing process. They have provided you with the unadjusted trial balance for DeeDee Double Entry Incorporated as of 12/31/23. The previous accountant recorded all original entries involving cash, etc. during the year. However, at year-end the previous accountant would make all necessary adjusting/reclassification journal entries so that the principles of US GAAP were followed. Your task will be to create and record all necessary adjusting, correcting, and reclassification entries so that 2023 financial statements in accordance with US GAAP can be issued. The below information was discovered by reviewing contracts, agreements, correspondence and discussions with management. Your required tasks are as follows: 1. Read the below information and follow steps \#2 through \#9 2. On the "Adjusting Journal Entries" worksheet, prepare in journal entry form all adjusting and correcting journal entries based on the following information. All information was provided to you as of 12/31/2023. (Round all numbers to the nearest dollar). Label journal entries a through q. h. On August 1,2023 DeeDee loaned a key supplier, $180,000. A promissory note was signed and issued. The agreed upon annual interest rate was 4% and the key supplier has agreed to pay interest and the note receivable on August 1, 2024. The note was recorded in Notes Receivable and is the only note outstanding. At December 31, 2023, the bookkeeper had not accrued any interest. i. The office building was bought in January 1, 2020 by DeeDee and DeeDee plans to use the building f rSplitWindow with no estimated salvage value. DeeDee depreciates the building on a straignt-line basis. j. DeeDee uses the DDB method to depreciate office equipment. No office equipment was added during 2023. It is estimated that the office equipment has a useful life of 10 years with a salvage value of $4,000. Prior depreciation was correctly calculated based on period of time held. k. As of 12/31/2023 the Equity Investments have a fair value of $395,000 and the fair value of the Debt Investments, classified as AFS (Available-for-Sale) have a fair value of $110,000. Due to the market conditions, the company does not plan on selling the assets in 2024, but their intent is to sell at some point in time. You can ignore the tax effect on unrealized gains and losses. Unrealized gains/losses on equity investments is recognized on the income statement. Unrealized gains/losses on debt investments classified as available for sales is recognized as other comprehensive income. (Hint: Unrealized Gains and Losses - OCI are closed to Accumulated Other Comprehensive Income at the end of the year.)