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The one adjusting entry that has not yet been recorded is income tax expense for the month of September. Determine this entry and add it

  1. The one adjusting entry that has not yet been recorded is income tax expense for the month of September. Determine this entry and add it to the trial balance. Assume the company has an effective tax rate of 35%.
  2. Prepare each financial statement, in good form, using Excel. Good form means you should have an appropriate three-part heading, no abbreviations, and dollar signs and underscores in appropriate places. You should be proud to hand these financial statements to your banker. Use the financial statements in the Accounting Cycle Review PowerPoint file from the first day of class as a guide with the following modifications:

Superior Office Supply
General Ledger Trial Balance
As of September 30, 2019
Balance
Account # Description Dr. Cr.
1010 Savings Account $70,852.50
1020 Checking Account 25,684.65
1030 Certificate of Deposit 10,000.00
1100 Accounts Receivable 212,561.58
1150 Allowance for Doubtful Accounts $14,500.00
1200 Inventory 179,854.65
1400 Prepaid Expenses 6,200.00
1500 Land 160,000.00
1550 Building 511,000.00
1600 Equipment 1,050,657.00
1900 Accumulated Depreciation - Building & Equipment 329,359.00
2000 Accounts Payable 232,421.24
2310 Sales Tax Payable 19,685.32
2330 Federal Payroll Taxes Payable 16,834.56
2340 FUTA Payable 8,880.76
2360 SUTA Payable 2,225.64
2380 Income Taxes Payable -
2500 Dividends Payable 45,000.00
2550 Notes Payable 15,667.34
2600 Current Portion of Long Term Debt 58,695.00
2700 Long Term Debt 338,654.52
3910 Common Stock 150,000.00
3930 Retained Earnings 278,527.86
3980 Dividends Declared 45,000.00
4000 Gross Sales Revenue 2,369,320.73
4050 Sales Discounts 265,889.43
5000 Cost of Goods Sold 910,978.54
6000 Salaries and Wage Expense 245,853.13
6100 Payroll Tax Expense 20,813.35
6200 Advertising Expense 134,186.32
6300 Bad Debt Expense 21,148.71
7000 Interest Expense 24,695.84
8000 Gain (loss) on Sale of Equipment 15,603.73
9000 Income Tax Expense -
$3,895,375.70 $3,895,375.70

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