The general ledger of TTT company shows the following balances at December 31, 2017 before adjustments Cash $ 9,515 Supplies 7,785 Accounts receivable 6,750 Prepaid insurance 1,950 Equipment 109,000 Accumulated depreciation equipment 38,500 Accounts payable 2,900 Unearned revenue 5,000 James Smith, capital 178,870 James Smith, drawing 99,050 Revenue 92,000 Consulting fees 35,400 Rent expense 10,250 Salaries and wages expense 37,200 Utilities expense 250 Miscellaneous expense 120 Smith has asked you to develop a worksheet that will serve as a trial balance Use the data above as input your model Information for the adjusting entries is as follows Depreciation on equipment is $800 for the accounting period TTT purchased $5000 of office supplies during the period At the end of the period $3,000 of supplies were on hand Prepaid insurance had a $1,950 normal balance prior to adjustment By year end $600 was unexpired Services provided but unrecorded totaled $1,500 Accrued salaries but not paid at year end are $2,000 A 6 month, $30,000 note was signed in November 1, 2017 The annual interest rate is 6 Principal and interest are payable at the end of the 6th month Interest was accrued for 2017 On 7 1 2017, TTT received $3,000 as a down payment from a client for the service in the coming 12 months Required As the accountant for TTT Company, you have been asked to prepare financial statements for the year A file called WORKSHEET has been provided to assist you in this assignment 'The general ledger before adjustment and adjusting entries for the year ended 2019 are given above Develop a worksheet that will serve as a trial balance Complete the income statement and balance sheet columns Suppose you discover that an assistant in your department had misunderstood your instructions and had provided you with wrong information on two of the adjusting entries Supplies consumed during the year should have been $3,000, and the insurance premiums expired at year end were $600 Make the corrections and provide your answer in the third tab What if analysis in the Excel file Use the corrected worksheet to prepare an income statement, a statement of changes in owners equity, and a statement of financial position in the fourth tab Financial statements in the Excel file TTT Company Work Sheet For Year Ended December 31, 2017 Adjustments Adj T Balance Dr Cr Dr Cr Trial Balance Dr Cr Income Statement Dr Cr Balance Sheet Dr Cr Account Title Cash Supplies Accounts receivable Prepaid insurance Equipment Accumulated depreciation equipment Accounts payable Unearned revenue James Smith, capital James Smith, drawing Revenue Consulting fees Rent expense Salaries and wages expense Utilities expense Miscellaneous expense Depreciation expense Supplies expense Insurance expense Interest expense Interest payable Salaries and wages payable Totals Net income Totals

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The general ledger of TTT company shows the following balances at December 31, 2017 before adjustments: Cash $ 9,515 Supplies 7,785 Accounts receivable 6,750 Prepaid

The general ledger of TTT company shows the following balances at December 31, 2017 before adjustments:

Cash	$ 9,515
Supplies	7,785
Accounts receivable	6,750
Prepaid insurance	1,950
Equipment	109,000
Accumulated depreciation--equipment	38,500
Accounts payable	2,900
Unearned revenue	5,000
James Smith, capital	178,870
James Smith, drawing	99,050
Revenue	92,000
Consulting fees	35,400
Rent expense	10,250
Salaries and wages expense	37,200
Utilities expense	250
Miscellaneous expense	120

Smith has asked you to develop a worksheet that will serve as a trial balance. Use the data above as input your model.

Information for the adjusting entries is as follows:

Depreciation on equipment is $800 for the accounting period.
TTT purchased $5000 of office supplies during the period. At the end of the period $3,000 of supplies were on hand.
Prepaid insurance had a $1,950 normal balance prior to adjustment. By year end $600 was unexpired.
Services provided but unrecorded totaled $1,500.
Accrued salaries but not paid at year-end are $2,000.
A 6-month, $30,000 note was signed in November 1, 2017. The annual interest rate is 6%. Principal and interest are payable at the end of the 6th month. Interest was accrued for 2017.
On 7/1/2017, TTT received $3,000 as a down payment from a client for the service in the coming 12 months.

Required

As the accountant for TTT Company, you have been asked to prepare financial statements for the year. A file called WORKSHEET has been provided to assist you in this assignment.
'The general ledger before adjustment and adjusting entries for the year ended 2019 are given above. Develop a worksheet that will serve as a trial balance
Complete the income statement and balance sheet columns
Suppose you discover that an assistant in your department had misunderstood your instructions and had provided you with wrong information on two of the adjusting entries. Supplies consumed during the year should have been $3,000, and the insurance premiums expired at year end were $600. Make the corrections and provide your answer in the third tab What-if analysis in the Excel file.
Use the corrected worksheet to prepare an income statement, a statement of changes in owners equity, and a statement of financial position in the fourth tab Financial statements in the Excel file.

TTT Company Work Sheet For Year Ended December 31, 2017 Adjustments Adj. T/Balance Dr Cr Dr. Cr Trial Balance Dr Cr. Income Statement Dr Cr Balance Sheet Dr. Cr. Account Title Cash Supplies Accounts receivable Prepaid insurance Equipment Accumulated depreciation--equipment Accounts payable Unearned revenue James Smith, capital James Smith, drawing Revenue Consulting fees Rent expense Salaries and wages expense Utilities expense Miscellaneous expense Depreciation expense Supplies expense Insurance expense Interest expense Interest payable Salaries and wages payable Totals Net income Totals