Read the situations requiring a year-end adjustment on the adjusting entries page. Write a clear explanation for each adjusting journal entry explaning it's purpose and intent and what its effect on the financial statements will be. Each adjusting entry should then be posted directly to the trial balance in the appropriate debit and credit columns noted for adjusting entries. Total the debit and credit adjustment columns and make sure the totals agree. Enter the column totals on the total line. (See chapter 3 of the textbook for examples.) Step 3: PART II Complete the adjusted trial balance columns of the trial balance and then total each column making sure the debit and credit column totals agree. Enter the column totals on the total line. After completing the adjusted trial balance columns prepare the 2016 information for the income statement and statement of stockholders equity for the year 2016, and the balance sheet as of December 31, 2016 in the comparative financial statements. (See chapter 3 of the textbook for examples.) Step 4: PART II After completing the financial statements be sure your group turns in the following: 1)The Group Project Excel Spreadsheet 2) The Adjusting Journal Entry Explanations WORD document with detailed explanations of the adjusting joumal entries 3) Each member of your group must evaluate ALL Whit Feather Farms, inc. December 31, 2016 Chart of Accounts Cash Accounts receivabie Allowance for bad debts Inventory Supplies Prepaid insurance Vehicles Accoumulated Depreciation - Vehichles Building Accoumulated Depreciation - Bullding Office equipment. Accumulated depreciation-Office equipment Warehouse equipment Accumulated depreciation-Warehouse equipment Accounts payable Notes Payabie Salaries payable Interest payable Dividends payable Unearned revenue Common stock Additional paid-in capital - Common stock Retained earnings Dividends Sales Sales discounts Sales returns \& allowance Cost of goods sold Depreciation Expense - Vehicles Depreciation Expense - Bulding Depreciation expense-Office equipment Depreciation expense-Warehouse equipment Repairs \& Maintenance Expense Bad debt expense Salaries expense insurance expense Office supply expense Interest expense Advertising expense Ubilities expense Income summary White featerer farses, ine Disumber 21,20 is Post each entry individually. Do not combine them. Be sure to complete the total line for each column. hite Feather Farms, Ine. Secember 31,2016 Adjusting Journal Entries Review the adjusting joumal entries below for the month of December, 2016 and prepare a detailed explanation as to why each journal entry would have been made and its effect on the net income of White Feather. Post each of the adjusting journal entries below to the adjustments columns on the trial balance. Then, calculate the adjusted balance for each general ledger account for the adjusted trial balance. On December 31, White Feather recorded the following adjustments to their general ledger accountsd before preparing financial statements. White Feather Farms, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 White Feather Farms, Inc. Statement of Stockholders' Equity For the Years Ending December 31, 2016 and 2015 Wuitu Eastivar Efarms. Inc
