Requirements (cont.) 3. Journalize and post the December transactions. Compute each account balance. Identify each accounts payable and accounts receivable with the vendor or customer name. 4. Journalize and post the adjusting entries. Denote each adjusting amount as Adj. Compute each account balance, and denote the balance as Balance. After posting all adjusting entries, prove the equality of debits and credits in the ledger by preparing an adjusted trial balance. 5. Prepare the single step income statement and statement of owner's equity for the month ended December 31, 2020. Also prepare a classified balance sheet at December 31, 2020. Assume the note payable is long-term. 6. Calculate gross profit