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.

CHART OF ACCOUNTS (Nothing needs to be done here)

WORKSHEET

ADJUSTING ENTRIES

INCOME STATEMENT

I would greatly appreciate the help! Thank you

Asset Accounts Equity Accounts Acet 201 Common Stock 202 Dividends 203 204 205 Acct # 301 302 Liability Accounts Acot 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 Loans Payable 106 107 108 109 110 111 Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Trademark Leasehold Improvements Accumulated Amortization Revenue Accounts Bakery Sales Merchandise Sales Aoot # 401 402 This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page: this is simply a resource for you. Expense Accounts Baking Cost of Goods Sold Merchandise Cost of Goods Sold Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Vages Expense Telephone Expense Interest Expense Depreciation Expense Amortization Expense Office Supplies Expense Aoot 501 502 503 504 505 506 507 508 509 510 511 512 513 Chart of Accounts Worksheet Adjusting Entries Income Statement Closing Entries Peyton Approved Trial Balance 2017 Unadjusted trial baland Adjusting entries Adjusted trial balanc Debit Credit Debit Credit Debit Credit 55,428.00 55,428.00 165,250.00 ###### 25,750.00 25,750.00 7,500.00 7,500.00 2,400.00 2,400.00 26,000.00 ###### 3.000.00 3,000.00 10,000.00 10,000.00 2.000.00 2,000.00 2,300.00 2,300.00 1,600.00 1,600.00 30,401.00 30,401.00 10.000.00 10,000.00 27,325.00 27,325.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Leasehold Improvements Accumulated Amortization Trademark Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Loans Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Cost of Goods Sold Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Dffice Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Merchandise COGS (FIFO) 21,000.00 30,000.00 21,000.00 30,000.00 20,000.00 ###### 335,675.00 35,200.00 ###### 35,200.00 90,000.00 ###### 2,780.00 2,780.00 375.00 5,200.00 375.00 5,200.00 3,456.00 15,760.00 3,456.00 15,760.00 Total: (FIFO) ###### Peyton Approved Adjusting Journal Entries 2017 Debit Credit Date Accounts 31-Dec Depreciation Expense Accumulated depreciation 31-Dec Amortization Expense Accumulated Amortization 31-Dec Interest Expense Interest Payable 31-Dec Insurance Expense Prepaid Insurance 31-Dec Baking Cost of Goods Sold Baking Supplies 31-Dec Office Supplies Expense Office Supplies 31-Dec Wages Expense Wages Payable Peyton Approved Income Statement For Year Ending 12/31/2017 Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold (FIFO) Baking Cost of Goods Sold Gross Profit (FIFO) Operating Expenses: Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Operating Expenses: Net Income (FIFO) Asset Accounts Equity Accounts Acet 201 Common Stock 202 Dividends 203 204 205 Acct # 301 302 Liability Accounts Acot 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 Loans Payable 106 107 108 109 110 111 Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Trademark Leasehold Improvements Accumulated Amortization Revenue Accounts Bakery Sales Merchandise Sales Aoot # 401 402 This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page: this is simply a resource for you. Expense Accounts Baking Cost of Goods Sold Merchandise Cost of Goods Sold Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Vages Expense Telephone Expense Interest Expense Depreciation Expense Amortization Expense Office Supplies Expense Aoot 501 502 503 504 505 506 507 508 509 510 511 512 513 Chart of Accounts Worksheet Adjusting Entries Income Statement Closing Entries Peyton Approved Trial Balance 2017 Unadjusted trial baland Adjusting entries Adjusted trial balanc Debit Credit Debit Credit Debit Credit 55,428.00 55,428.00 165,250.00 ###### 25,750.00 25,750.00 7,500.00 7,500.00 2,400.00 2,400.00 26,000.00 ###### 3.000.00 3,000.00 10,000.00 10,000.00 2.000.00 2,000.00 2,300.00 2,300.00 1,600.00 1,600.00 30,401.00 30,401.00 10.000.00 10,000.00 27,325.00 27,325.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Leasehold Improvements Accumulated Amortization Trademark Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Loans Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Cost of Goods Sold Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Dffice Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Merchandise COGS (FIFO) 21,000.00 30,000.00 21,000.00 30,000.00 20,000.00 ###### 335,675.00 35,200.00 ###### 35,200.00 90,000.00 ###### 2,780.00 2,780.00 375.00 5,200.00 375.00 5,200.00 3,456.00 15,760.00 3,456.00 15,760.00 Total: (FIFO) ###### Peyton Approved Adjusting Journal Entries 2017 Debit Credit Date Accounts 31-Dec Depreciation Expense Accumulated depreciation 31-Dec Amortization Expense Accumulated Amortization 31-Dec Interest Expense Interest Payable 31-Dec Insurance Expense Prepaid Insurance 31-Dec Baking Cost of Goods Sold Baking Supplies 31-Dec Office Supplies Expense Office Supplies 31-Dec Wages Expense Wages Payable Peyton Approved Income Statement For Year Ending 12/31/2017 Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold (FIFO) Baking Cost of Goods Sold Gross Profit (FIFO) Operating Expenses: Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Operating Expenses: Net Income (FIFO)