Project Enclosed in this project you will find the worksheet for High Teck Company, a trading company that sells children toys. Using the adjustment data below, complete the following: 1) Prepare the adjusted journal entries as of December 31, 2017 2) The adjusted trial balance worksheet and add any new accounts 3) Prepare the listed financial statements year ended December 31, 2017 a) Income Statement b) Owner's equity statement and c) Classified balance sheet d States Focus 13-B0%IdM AO P (B. W x 31 MacBook Air ADJUSTMENT ENTRIES A) Supplies on hand on December 31, 2017 amounts to $1,200 B) A physical count of inventory at year end indicates that $22,500 are still on hand C) Depreciation expense on a vehicle is calculated using straight line method, the expected useful life of 5 years with a salvage value of $1,000 D) The company has estimated 5% of accounts receivable balance will not be collected, knowing that the allowance for doubtful debt balance as of December 31, 2017 is zero. E) The Notes Payable was signed on March 1, 2017 for 8 years. Interest payable is at 10% per year but this has not been recorded anywhere as of December 31, 2017. F) Salaries and wages expense incurred at December 31, 2017 but not yet paid amounted to $15,000. G) Prepaid insurance was made on February 1, 2017 for one-year H) Prepaid rent was made on January 1, 2017 for three years Date Account Name Dr Cr A) L B) C) Focus MacBook Air 29 x fx Totals Account Titles Trial Balance Adjustments Dr. Gr. Adjusted Trial Balance Dr. Income Statement Dr. Balance Sheet Dr. Cr. 20,000 12,000 30,000 25,000 52,000 5,700 80,000 12,000 30,000 23,000 78,000 Cash Prepaid Insurance Prepaid Rent Accounts Receivable Inventory Office Supplies Vehicle Acc. Dep. - Vehicle Notes Payable Accounts Payable Owner's Capital Owner's Drawing Sales Revenue Sales Returns & Allowances Cost of Goods Sold Salaries & Wages Expense Advertising Expense Utilities Expense Maintenance Expense Freight-Out Totals 15,000 856,150 TUT 5,200 218,000 32,000 27,500 11,000 8,750 999,150 999,150 Totals Net Profit or loss Totals Sheet1 + LEP