Prepare the Multi-step Income Statement, Statement of Stockholders Equity, and Classified Balance Sheet under the Financial Statements tab for the month ended December 31, 20XX in the excel template file

The following information is given at the beginning of December.
					Debit	Credit
Cash					$67,500
Accounts receivables					$21,000
Allowance for uncollectible accounts						$7,000
Inventory (1,100 units at $7)					$7,700
Accounts payable						$25,400
Common stock						$43,000
Retained earnings						$20,800
Total					$96,200	$96,200

Required:	#1	Enter the beginning balance for each account in the T-accounts (General Ledger) tab in the excel template file.
Required:	#2.	Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file. Use the following accounts as appropriate: Cash, Accounts receivable, Allowance for uncollectible accounts, Inventory, Notes receivables, Interest receivables, Equipment, Accumulated depreciation, Accounts payable, Common stock, Retained earnings, Sales revenue, Interest revenue, Cost of goods sold, Depreciation expense, Bad debt expense, Income tax expense.
	Dec. 1.	Used cash to purchase equipment at a purchase price of $20,600, plus tax $300, plus shipping $700.
	Dec. 1.	Lend $14,000 to an employee by receiving a note for six months at annual interest rate of 12% due at the maturity date.
	Dec. 6.	Purchase 3,800 units of inventory on account at $10 per unit for a total cost of $38,000.
	Dec 12.	Assuming the perpetual method is used, the company sold 3,200 units at $20 each on account, terms 2/10, n/30. Calculate the cost of goods sold using the FIFO method and record the appropriate journal entries for the sale and the cost of the sale. (Hint: Make sure to consider the beginning inventory balance from the beginning trial balance)
	Dec 20.	Paid $28,000 to suppliers for purchases made on account in the prior month.
	Dec 23.	Received cash of $16,000 for sales of inventory made on account on December 12.
	Dec 28.	Write-off $2,800 of accounts receivables using the allowance method.
	Dec 30.	Paid $4,400 for income tax for the month of December.
Required:	#3.	Post all of the December transactions from the General Journal tab to the T-accounts under the T-Accounts (General Ledger) tab in the excel template file. Make sure to include beginning balances for accounts where necessary.
Required:	#4.	Compute the balances for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31.
Required:	#5.	Prepare the unadjusted trial balance under the Unadjusted Trial Balance tab in the excel template file.
		Provide the total of the debit column from the Unadjusted trial balance
Required:	#6.	Record the following four transactions as adjusting entries under the General Journal tab.
	Dec 31.	The company estimates 20% of the ending balance of accounts receivables is not going to be collected. (Hint: Remember to consider the balance in the allowance for uncollectibe account, if any.)
	Dec 31.	Record December's adjustment to accrue interest for the notes receivables.
	Dec 31.	The company uses the lower of cost or market method for inventory valuation. The market value of the inventory is $8 per unit. Make the adjusting entry if necessary.
	Dec 31.	Calculate depreciation using Straight line method. The equipment purchased has a useful life of 72 months and no residual value. Record the depreciation for the month of December.
Required:	#7.	Post all of the adjusting entries to the T-accounts under the T-Accounts (General Ledger) tab. Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31.
Required:	#8.	Prepare the adjusted trial balance under the Adjusted Trial Balance tab as of December 31 in the excel template file.
		Provide the following accounts balances from the Adjusted Trial Balance: (Please enter all amounts as a positive number. No brackets.)
		Cash
		Accounts receivable
		Allowance for uncollectible accounts
		Inventory
		Notes receivable
		Interest receivables
		Equipment
		Accumulated depreciation
		Accounts payable
		Common stock
		Retained earnings
		Sales revenue
		Interest revenue
		Cost of goods sold
		Bad debt expense
		Depreciation expense
		Income tax expense
Required:	#9.	Prepare the Multi-step Income Statement, Statement of Stockholders Equity, and Classified Balance Sheet under the Financial Statements tab for the month ended December 31, 20XX in the excel template file.
		Provide the following amount from the Multi-step Income Statement:
		Net sales
		Gross profit
		Operating income
		Non-operating revenue
		Income before income taxes
		Net income
		Provide the following amount from the Classified Balance sheet:
		Current assets
		Net accounts receivables (Net realizable value)
		Long-term assets (Book value)
		Total liabilities
		Total stockholders equity
	Check point: Total assets		$117,500