PROMt.EM eS - ADVi Merchandieine Cempony - AR. Lilly't Dry Ceote REQUIREMENT 1 Use the information below to prepare adjusting journal entries Post these journal entries to the T-accounts amached and balance the accounts ASE are for the fircal scat ended 8:31/22 a A count of iaventory indicated an ending balance of $118,000 : b Some Auguat utiaty bills have not been received yet Related cepenses are ctumated to be 51,500 . c. Based on an analysts of the aged accoents recetiable trial tulance, citimated uncollectible accounts receivable are 58.000 d $4,000 of prepaid rent expired c Accrucd salaries were $4,000 f. Depreciation was calculated using the straght-line method and no extimated salvage values. The ctamated service life for the machinery was eightyears and twenty years for the building (Assurne that all these assets were acquared six years ago) 8 The copright was originally recorded as $120,000 when it was acquired sic years ago Five years of amortization has been taken h The bank loan is for 5 years at 12% interest Only interest pa) ments have been made on the loan during the yeat (Assume the loan i. Estirmated income tax expenie was $5.000 J. Marketable Securities earned dividends of $6,000 which will be paid in September. The aggregate value of these securtics at year-end is 580 . The aggregate value of these securties at year-end is 580,000 REQUIREMENT 2: Based on the T-account bulances after posting the AlEs. prepare Multiple-Step Income Statement 2 Statement of Retained Earnings 3 Classified Balance Sheet phane sit2 PROMt.EM eS - ADVi Merchandieine Cempony - AR. Lilly't Dry Ceote REQUIREMENT 1 Use the information below to prepare adjusting journal entries Post these journal entries to the T-accounts amached and balance the accounts ASE are for the fircal scat ended 8:31/22 a A count of iaventory indicated an ending balance of $118,000 : b Some Auguat utiaty bills have not been received yet Related cepenses are ctumated to be 51,500 . c. Based on an analysts of the aged accoents recetiable trial tulance, citimated uncollectible accounts receivable are 58.000 d $4,000 of prepaid rent expired c Accrucd salaries were $4,000 f. Depreciation was calculated using the straght-line method and no extimated salvage values. The ctamated service life for the machinery was eightyears and twenty years for the building (Assurne that all these assets were acquared six years ago) 8 The copright was originally recorded as $120,000 when it was acquired sic years ago Five years of amortization has been taken h The bank loan is for 5 years at 12% interest Only interest pa) ments have been made on the loan during the yeat (Assume the loan i. Estirmated income tax expenie was $5.000 J. Marketable Securities earned dividends of $6,000 which will be paid in September. The aggregate value of these securtics at year-end is 580 . The aggregate value of these securties at year-end is 580,000 REQUIREMENT 2: Based on the T-account bulances after posting the AlEs. prepare Multiple-Step Income Statement 2 Statement of Retained Earnings 3 Classified Balance Sheet phane sit2