Submission Instructions: Please save this file using the convention of Your Last Name ACC300 SP23 HW1 - Submit the assignment in Excel. Include your Name, Date, ACC Course, and "HW \#1" in the upper left corner. - Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEA SE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN "DRAFT" STATUS. There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process. - Once you have submitted your assignment, no additions or changes are allowed with subsequent submissions. Remember: - Discussions with fellow students encouraged. - Excel answers must be created by each student individually. - Organization and presentation will be factors in your grade determination. Section One ( 10 points) The adjusted 12/31/21 Trial Balance for Molly Electronics included these accounts and balances. No other accounts existed. Required: a) Determine the total of the Adjusted Trial Balance columns: $. b) In proper format, prepare the Molly Electronics: - 2021 Income Statement - 2021 Statement of Retained Earnings - 12/31/21 Balance Sheet Formatting Rules: Do not use cents (.00) in any records. The first amount in any column should include a dollar sign. All financial statement totals include a dollar sign and are double-underlined. Refer to text examples for formatting guidance. The Draper Company Records these journal entries: Depreciation Accrued Revenue Cash paid to purchase Machine $17 $12 $21 Required: Indicate the net effect of these journal entries on the following items. Indicate the dollar amount of the effect and the direction of the effect. (Example: \$13 Increase, or \$8 Decrease, or NO EFFECT) a) Net Income b) Total Assets c) Total Liabilities d) Retained Earnings $ e) Total Equity f) Working Capital $ $ $ $. $ Section Three ( 4 points) The Mace Company fails to record these Journal Entries Accrued Expense Expiration of Prepaid Insurance Paid Cash to purchase Supplies $30 $40 $8 Required: Determine the net effect of these errors on the following items. Indicate the dollar amount of the error and the direction of the error. (Example: $17 overstated, or $12 understated, or NO ERROR) a) Net Income $ b) Total Liabilities $ c) Total Assets \$_ d) Retained Earnings $