(See Class Zoom Recordings for Chapter 4 for help!) Yummy Chip Company Enter your student number first in Instructions tab or you will have brackets around all numbers Unadjusted Trial Balance at December 31, 2020 Adjusting entires for Decebmer 31, 2020 are to be entered here see below in additional info Adjusted Trial Balance for December 31, 2020 Credit Debit Letter Ref Credit Letter Ref Debit Credit $ Debit 29,258.98 24,409.88 4,931.29 13,930.89 102,735.17 149,376.94 11,670.72 10,273.52 21.204.54 5,136.76 Cash Accounts Receivable Prepaid Rent Supplies Land Equipment Accumulated Amortization- Equipment Unearned Revenue Accounts Payable Note Payable (due in 5 years) Salaries Payable Lee, Capital Lee, Withdrawals Service Revenue Amortization Expense-equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense Totals 250,797.10 12,328.22 48,491.00 7,396.93 3,205.34 $ 347,573.63 $ 347,573.63 Total debits = total credits Please total these columns Please total these columns Additional Information at December 31, 2020 to complete adjusting entries: a. The business had sales that were not recorded in the amount of $5,500. For 2 marks prepare the adjusting entry below then post the debit and the credit above in the adjustment columns (blue area). An Explanation IS NOT NECESSARY. Account Name Debit Credit PART A: Revenues: Prepare the closing entries for YUMMY CHIPS COMPANY - make sure to cell reference your account titles and amounts from the Adjusted Trial Balance (do not retype anything in your cells!!!) Account Name Debit Credit Dec. 31 Service Revenue 48,491 1 mark Income summary 48,491 (To close Revenue account) Expenses: Debit Credit Dec. 31 7,397 Account Name Income Summary Salaries Expense Rent Expense Utilities Expense Supplies Expense Amortization Expense-Equipment 4 marks 3,205 Income Summary: Debit Credit Account Name 31-Dec lincome Summary Lee, Capital 2 marks (To close income summary) Withdrawals: Account Name Debit Credit 2marks 9 marks total PART B: Compute the Current Ratio - ensuring to cell reference your numbers from the Adjusted Trial Balance (Do not retype any information !) (See Class Zoom Recordings for Chapter 4 for help!) Yummy Chip Company Enter your student number first in Instructions tab or you will have brackets around all numbers Unadjusted Trial Balance at December 31, 2020 Adjusting entires for Decebmer 31, 2020 are to be entered here see below in additional info Adjusted Trial Balance for December 31, 2020 Credit Debit Letter Ref Credit Letter Ref Debit Credit $ Debit 29,258.98 24,409.88 4,931.29 13,930.89 102,735.17 149,376.94 11,670.72 10,273.52 21.204.54 5,136.76 Cash Accounts Receivable Prepaid Rent Supplies Land Equipment Accumulated Amortization- Equipment Unearned Revenue Accounts Payable Note Payable (due in 5 years) Salaries Payable Lee, Capital Lee, Withdrawals Service Revenue Amortization Expense-equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense Totals 250,797.10 12,328.22 48,491.00 7,396.93 3,205.34 $ 347,573.63 $ 347,573.63 Total debits = total credits Please total these columns Please total these columns Additional Information at December 31, 2020 to complete adjusting entries: a. The business had sales that were not recorded in the amount of $5,500. For 2 marks prepare the adjusting entry below then post the debit and the credit above in the adjustment columns (blue area). An Explanation IS NOT NECESSARY. Account Name Debit Credit PART A: Revenues: Prepare the closing entries for YUMMY CHIPS COMPANY - make sure to cell reference your account titles and amounts from the Adjusted Trial Balance (do not retype anything in your cells!!!) Account Name Debit Credit Dec. 31 Service Revenue 48,491 1 mark Income summary 48,491 (To close Revenue account) Expenses: Debit Credit Dec. 31 7,397 Account Name Income Summary Salaries Expense Rent Expense Utilities Expense Supplies Expense Amortization Expense-Equipment 4 marks 3,205 Income Summary: Debit Credit Account Name 31-Dec lincome Summary Lee, Capital 2 marks (To close income summary) Withdrawals: Account Name Debit Credit 2marks 9 marks total PART B: Compute the Current Ratio - ensuring to cell reference your numbers from the Adjusted Trial Balance (Do not retype any information !)