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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. o. DeeDee Double Entry has a loan outstanding as of 12/31/2023. Interest is paid annually on January 1st.. The facts for the loan is: Coldstar Bank Loan -outstanding all of 2023 with a 5% interest rate. Interest is due on January 1st of each year. Principle is due in five years on January 1 , 2028. Since interest will not be paid to the Bank until January 1st, DeeDee's office staff did not accrue any interest. p. DeeDee uses the FIFO Inventory Method in valuing inventory. The inventory balance of $372,500 was based on a physical count at 12/31/2021. Based on your analysis, you have noted that $4,500 of marketing games that belonged to Marketing Majors Inc. and being held by DeeDee on consignment was included in the physical account at year end Vou also note that goods were in transit from a vendor on December 31, Arrange All ald were not included in ending inventory. The cost of the inventory was $16,200 and the goods were shipped f.o.b. shipping point on December 29, 2023. DeeDee has been authorized to issue 1,000,000 shares of $10 par Common Stock. At the end of 2020 , they had issued 50,000 shares for $25. They had properly accounted for this issuance. On January 2, 2023, they issued an additional 30,000 shares of Common Stock for $25 per share. The previous accountant recorded this transaction as a debit to Cash for $750,000 and a credit to Common Stock $750,000. DeeDee has a straight tax rate of 28%. Income tax expense is Net Income before taxes times 28\%. (Hint: Prepare the Income Statement up to Net Income before Taxes and then record this adjusting journal entry.) 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. o. DeeDee Double Entry has a loan outstanding as of 12/31/2023. Interest is paid annually on January 1st.. The facts for the loan is: Coldstar Bank Loan -outstanding all of 2023 with a 5% interest rate. Interest is due on January 1st of each year. Principle is due in five years on January 1 , 2028. Since interest will not be paid to the Bank until January 1st, DeeDee's office staff did not accrue any interest. p. DeeDee uses the FIFO Inventory Method in valuing inventory. The inventory balance of $372,500 was based on a physical count at 12/31/2021. Based on your analysis, you have noted that $4,500 of marketing games that belonged to Marketing Majors Inc. and being held by DeeDee on consignment was included in the physical account at year end Vou also note that goods were in transit from a vendor on December 31, Arrange All ald were not included in ending inventory. The cost of the inventory was $16,200 and the goods were shipped f.o.b. shipping point on December 29, 2023. DeeDee has been authorized to issue 1,000,000 shares of $10 par Common Stock. At the end of 2020 , they had issued 50,000 shares for $25. They had properly accounted for this issuance. On January 2, 2023, they issued an additional 30,000 shares of Common Stock for $25 per share. The previous accountant recorded this transaction as a debit to Cash for $750,000 and a credit to Common Stock $750,000. DeeDee has a straight tax rate of 28%. Income tax expense is Net Income before taxes times 28\%. (Hint: Prepare the Income Statement up to Net Income before Taxes and then record this adjusting journal entry.)