Prompt: Specifically, the following critical elements must be addressed:

I. Demonstrate the year-end adjustment process.

A. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook.

B. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab.

C. Create the adjusted trial balance by completing the Adjusted Trial Balance columns using the Worksheets tab.

D. Close temporary accounts by completing the Closing Entries tab.

II. Prepare an income statement for your company by completing the Income Statement tab in the provided workbook.

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