Shape Media Amortization Table Adjusting Journal ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2021 Adjustments Needed Given on the first two tabs are ABC's 12/31/21 Unadjusted Trial Balance and a list of needed adjustments 1. Make all 14 adjustments on the "Adjusting Journal Entries" tab. Remember to include a description under each journal entry 2. Post the adjustments to the general ledger on the "12-31-21 T-Accounts" tab. You may have to add T-Accounts for new accounts Link your T-Account entries to your Journal Entries. PLEASE NOTE THAT THE "BB" (BEGINNING BALANCES) FOR THE T-ACCOUNTS REPRESENT THE BALANCES AS OF 12/31/21. 3. Once the 12/31/21 T-Accounts are complete, prepare the Adjusted Trial Balance. There may be some accounts with zero dollars, and you may have to insert lines for new accounts. Link the Adjusted Trial Balance to your T-Accounts. 4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Shareholders' Equity, and Balance Sheet. For purposes of the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Unrealized Holding Gains/Losses, Interest Expense, Interest Revenue, and any other Gains/Losses are NOT part of the major central ongoing operations of the company For purposes of the Balance Sheet, be sure to prepare a classifed Balance Sheet. Link your financial statements to your Adjusted Trial Balance If necessary, review financial statement preparation in Chapters 3 and 4 of your Intermediate Accounting textbook for a quick refresher 5. When the Financial Statements are complete, make the closing entries on the "Closing Entries" tab 6. When closing entries have been made, post the entries to the general ledger on the "Post-Close T-Accounts" tab. Make sure your adjusting journal entries are also on your Post-Close T-Accounts. They will not automatically flow from tab-to-tah (Helpful hint After you have completed and posted all of your adjusting entries, make a duplicate copy of your "12-31-21 T-Accounts" tab to replace the existing blank "Post-Close T Accounts" tab by right clicking on the completed "12-31-21 T-Accounts" tab, select Move or Copy then click on "Create a Copy" and then place at the desired location. You can then delete the original "Post-Close T-Accounts" tab and rename the newly duplicated tab as your "Post-Close T-Accounts" tab). 7. The final step is the Post-Closing Trial Balance, which will use the ending balances from the Post-Close T-Accounts 8. Double-check your work. Here are a few things to check for -Adjusted Trial Balance: Make sure debit column and credit column total to the same figure at the bottom Net income from the income statement will flow through to the Statement of Retained Earnings Ending Shareholders' Equity balances will flow through to the Stockholders' Equity section of the Balance Sheet. The Post-Closing Trial Balance should not have any revenue, expense, gain, or loss (temporary) accounts Check figure 1: Income from operations=$355,057. Check figure 2: Income before income taxes $293,730. Check figure 3: Total Current Assets at 12/31/21 = $1,188,236 Check figure 4: Retained Earnings at 12/31/21 = $206,984. Check figure 5: Total Stockholders' Equity at 12/31/21 = $651,984. Check figure 6 Total Liabilities at 12/31/21-$1,418,862 Check figure 7: Total Other Income/Gains and (Expenses)/(losses) for 2021 ($61,327) Remember Neatness matters in Financial Statements. Print or Print Preview before submitting to make sure your statements are neat Otherwise, management may send back to you for revision!