There is an accompanying spreadsheet that is not perfectly formatted but it represents the data that was provided by a client for financial statement preparation in the form of an unadjusted trial balance. The following information is pertinent: 1. All insurance was paid in January for 1-year policies that are now expired 2. The creditmanager estimates that $350 of Accounts Receivable will be uncollectible 3. Depreciation for 2016 has not yet been adjusted. The current year depreciation is calculated to be $474 4. The commissions are paid to independent contractors, not employees 5. No investments or withdraws were made by owners during the year 6. Some of the supplies and office supplies were specific to a certain project, were used immediately, and were originally charged to expense accounts 7. A physical count of ordinary office supplies indicated that $103 worth of office supplies were still present 8. Client Expense includes items such as permits, inspections, etc. that were paid by the business for specific clients 9. The client has elected to omit substantially all notes and disclosures that would normally accompany a financial statement Directions: 1. Prepare journal entries to post the adjustments. 2. creditmanager estimates that $350 of Accounts Receivable will be uncollectible 3. Depreciation for 2016 has not yet been adjusted. The current year depreciation is calculated to be $474 4. The commissions are paid to independent contractors, not employees 5. No investments or withdraws were made by owners during the year 6. Some of the supplies and office supplies were specific to a certain project, were used immediately, and were originally charged to expense accounts 7. A physical count of ordinary office supplies indicated that $103 worth of office supplies were still present 8. Client Expense includes items such as permits, inspections, etc. that were paid by the business for specific clients 9. The client has elected to omit substantially all notes and disclosures that would normally accompany Prepare Balance Sheet as of December 31, as of December 31, Sheet must be in a professional typed format. as well as the cover letter and related statements of Income and Equity for the year then ended (a worksheet may be helpful). 3. Draft a cover letter forwarding these statements to your client (All Seasons Service) and guiding them in making adjustments and closing entries. 4. The statements 2016 financial statement Directions: 1. Prepare journal entries to post the adjustments. 2. a2016 and related statements of Income and Equity for the year then ended (a worksheet may be helpful). 3. Draft a cover letter forwarding these statements to your client (All Seasons Service) and guiding them in making adjustments and closing entries. 4. The statements as well as the cover letter must be in a professional typed format.

Rowan University Rohrer College of Business Department of Accounting & Finance Fall 2017 Principles of Accounting I Sections 2, 10, & 12 Project due by December 7, 2017 There is an accompanying spreadsheet that is not perfectly formatted but it represents the data that was provided by a client for financial statement preparation in the form of an unadjusted trial balance. The following information is pertinent: 1. All insurance was paid in January for 1-year policies that are now expired 2. The credit manager estimates that $350 of Accounts Receivable will be uncollectible 3. Depreciation for 2016 has not yet been adjusted. The current year depreciation is calculated to be $474 4. The commissions are paid to independent contractors, not employees 5. No investments or withdraws were made by owners during the year 6. Some of the supplies and office supplies were specific to a certain project, were used immediately, and were originally charged to expense accounts 7. A physical count of ordinary office supplies indicated that $103 worth of office supplies were still present 8. Client Expense includes items such as permits, inspections, etc. that were paid by the business for specific clients 9. The client has elected to omit substantially all notes and disclosures that would normally accompany a financial statement Directions: 1. Prepare journal entries to post the adjustments. 2. Prepare a Balance Sheet as of December 31, 2016 and related statements of Income and Equity for the year then ended (a worksheet may be helpful). 3. Draft a cover letter forwarding these statements to your client (All Seasons Service) and guiding them in making adjustments and closing entries. 4. The statements as well as the cover letter must be in a professional typed format. Extra Credit: The American Institute of Certified Public Accountants has issued Statements on Standards for Accounting and Review Services. For extra credit, assume this is a compilation engagement under the most recent statements (SSARS 21). Compile these financial statements in such a way to conform with said standards. Grading: This assignment is weighted as two quizzes. Accordingly, extra credit could be very beneficial. Not typing the statements and/or other correspondence or missing/combining any of the statements will result in a grade of zero. This assignment is not eligible to be dropped like an ordinary quiz. You may work together but each student must submit his or her own project