these are all the pictures of part 1 of this project.

i need the answers for the adjusting entries shown in the last picture please.

i have included eveything i think you may need. if you are missing information for this probelm will you please tell me what you are missing and i can provide it. thank you

CASSEL ACCOUNTING Cassel Accounting began operations as a corporation on 1/1/19. All transactions through 11/30/20 have been recorded and the account balances can be found in the November Trial Balance. During December, the following transactions occurred: (NOTE: All accounts used are in the Chart of Accounts on the same page as the New T8) 12/1 Paid the December office rent of $2,000. 12/1 Paid Mr. Cassel his salary from November. Mr. Cassel purchased equipment for $45,000 by paying $5,000 in cash and signing an 9-month, 12/1 6 note for the balance. Hired Tailer Sift as a staff accountant who will be paid $400 per day for a 5-day (M-F) work week. 12/1 Payday is every other Friday for the 2-week period ending on that Friday. 12/2 Paid the utility bill from November 12/3 Mr. Cassel contributed $40,000 cash to the business and received 2,500 shares of $5 par common stock in exchange 12/5 Purchased office supplies for $650 on account 12/6 Paid $2,000 toward the amount due on account 12/10 Received $15,400 from clients who had been billed for services performed in November 12/11 Received $36,800 for the completion of general accounting services in December Recorded Tailer's gross wages of $4,000 for the pay period ending 12/13. The FICA tax rate is 7.65% of gross wages. Tailer has 12% for federal income tax and 6% for state income tax 12/13 deducted from her paycheck. Tailer is paid her net wages on payday, and the taxes are paid on the 15th of the following month. 12/13 Record the employer's share of the FICA tax for Tailer's wages. 12/15 Paid the payroll taxes due from November 12/16 Billed clients $29,200 for audit services performed. 12/17 Received $5,500 from a client for services to be performed in December. Tailer recorded this as December revenue. 12/27 Purchased office supplies for $750 cash. 12/27 Paid Tailer's wages for the pay period ending 12/27, and recorded the taxes due. 12/27 Record the employer's share of the FICA tax for Tailer's wages. 12/28 Received $6,000 from a client to prepare their tax return in January 12/31 Mr. Cassel paid himself a $3,000 cash dividend. Instructions: Part 1 is due by 9:30am on Thurs, 2/6 Using formulas only, transfer the balances from the November Trial Balance into the ledger accounts Journalize and post the December transactions. NOTE: if a transaction should not be recorded. just leave it out. In addition, formules must be used to calculate all ledger account balances Using formulas, start the worksheet by transferring the ledger balances at 12/31 to the Unadjusted Trial Balance columns With regard to the leder: There are double underlines throughout the accounts. These indicate that you should be done Instructions & Trans... Nov Trial Balance + DATE PART 1: December transactions ACCOUNT DEBIT CREDIT and Waste A n d in C .Com 2500 12/ s es Accounts Payable 12/6 2000 counts Payable cash 2,000 12/10 cash Aronse 1203 Stars and Wages Expense Fica este 305 12/13 Payroll Tax Expense RCATI al Balance an... Ledger Journal Sales and we pense Federal Income Tax Payable State income Tax payable 12/13 Pawoll Tax Expense FICA Taxes Payable 12/15 RCA Tax Payable State Income Tax Payable Federal Income Tax Payable 12/36 Accounts Receivable 29 200 12/12 cash Service Revenue Soo LILLE 12/22 supplies 12/27 Salaries and Wages Expense 1 ,000 480 Federal income Tax Payable State income Tax payable Cash 2924 12/22 R 36 oll Tax Expense RCAT Payable Unewned Service Revenue 12/31 Didends 3.000 Cash al Balance an... Ledger Journal V + CASSEL ACCOUNTING Trial Balance November 30, 2020 PART 1 ACCOUNT Accounts recebi Pedance Supplies s 21 300 401 Notes payable SRCA 3 20 15.00 23 21 34 earned service revenue interest peale Common stock Ad a l Padin Capital Common Betained earnings Service revenue Rent expense Salaries and wages expense Payroll tax expense 218.700 2.000 220.000 26 27 1.450 2001 Insurance cupense TOTALS 190 20 02 CASSEL ACCOUNTING Chart of Accounts Accounts recette Prepaid insurance ples common stock Ad a l Padin Capital Retained earnings A b le Rent pense Supplies RCA State income tax payable Derection expense uctions & Transa... Nov Trial Balance a... Using formulas, start the worksheet by transferring the lediger balances at 12/31 to the Unadjusted Trial Balance columns with regard to the Leder There are double underlines throughout the accounts. These indicate that you should be done posting/recording items. For instance, the first double underline in each account are for the November balances, the next one is for the end of recording December transactions, etc There is a "Check Figures Actual box at the very end of the edge. The formulasarest so that when you post transactions, the balances will automatically be tabulated at the bottom so you will know if your debits equal your credits. This assumes, however, that you have the proper formulas set up in the balance columns and that you don't move the accounts around. Next to that box are the Delor total that you should have At the end of December the fiscal year end Cassel Accounting had the following adjustments. (NOTE: Depreciation expense is only recorded at year-end all other adjustments are recorded monthly) of the $5.500 received from the cent on 12/17, 51 500 has been earned as of 12/31 The insurance policy was renewed on 10/1/20 for months at a cost of $7.30 Interest has accrued on both of the notes. The $14.400 note was taken out on 8/1/20 and is for 16 months at 5% interest. The equipment is being depreciated over 10 years using the straight-line method with no salvage value. The equipment on the books at 11/30 was purchased on 119 $7,200 of the amounts received in advance from clients have been earned $1,680 of supplies were used during December Audit services performed on 12/29 have not yet been billed. The client owes $2.550 Record the salary of $20,000 owed to Mr. Cassel for December. He receives his check on the first I day of the following month. His FICA tax rate is also 7655 and he has 20% for Federal income tax and 10% for State income tax deducted from his check Record the December wages earned and taxes Owed by Tailer since the last pay period (NOTE:round to whole dollars if necessary) Record the employer's share of FICA tax on all salaries/wages payable Received a utility bill for December for $825. Instructions Part 2 is due by 9:30am on Thurs, 2/13. 4 Journalire in the order given above) and post the adjusting entries. 5 Complete the Worksheet. Don't forget to use formules at all times. instructions Part 3 is due by 9:30am on Thurs, 2/20. Don't forget to use formules throughout Using proper formatting including dollar signs and double underlines prepare Financial 6 Statements for the year. (NOTE: Since we are using a worksheet your numbers can come from there: just be sure they agree to the balances in your lediger accounts.) Prepare and post the Closing entries. Prepare a Post-Closing Trial Balance mission for grading Save your file with your class time, last name of each group member, and Part De 930 Smith Jones_P1) Using the link in Assignment Project AC Project, pload your se 3 Projects must be submitted by 30am on the given above No late missions will be accepted Inst Instructions & Trans... Nov Trial Balance +. CASSEL ACCOUNTING Cassel Accounting began operations as a corporation on 1/1/19. All transactions through 11/30/20 have been recorded and the account balances can be found in the November Trial Balance. During December, the following transactions occurred: (NOTE: All accounts used are in the Chart of Accounts on the same page as the New T8) 12/1 Paid the December office rent of $2,000. 12/1 Paid Mr. Cassel his salary from November. Mr. Cassel purchased equipment for $45,000 by paying $5,000 in cash and signing an 9-month, 12/1 6 note for the balance. Hired Tailer Sift as a staff accountant who will be paid $400 per day for a 5-day (M-F) work week. 12/1 Payday is every other Friday for the 2-week period ending on that Friday. 12/2 Paid the utility bill from November 12/3 Mr. Cassel contributed $40,000 cash to the business and received 2,500 shares of $5 par common stock in exchange 12/5 Purchased office supplies for $650 on account 12/6 Paid $2,000 toward the amount due on account 12/10 Received $15,400 from clients who had been billed for services performed in November 12/11 Received $36,800 for the completion of general accounting services in December Recorded Tailer's gross wages of $4,000 for the pay period ending 12/13. The FICA tax rate is 7.65% of gross wages. Tailer has 12% for federal income tax and 6% for state income tax 12/13 deducted from her paycheck. Tailer is paid her net wages on payday, and the taxes are paid on the 15th of the following month. 12/13 Record the employer's share of the FICA tax for Tailer's wages. 12/15 Paid the payroll taxes due from November 12/16 Billed clients $29,200 for audit services performed. 12/17 Received $5,500 from a client for services to be performed in December. Tailer recorded this as December revenue. 12/27 Purchased office supplies for $750 cash. 12/27 Paid Tailer's wages for the pay period ending 12/27, and recorded the taxes due. 12/27 Record the employer's share of the FICA tax for Tailer's wages. 12/28 Received $6,000 from a client to prepare their tax return in January 12/31 Mr. Cassel paid himself a $3,000 cash dividend. Instructions: Part 1 is due by 9:30am on Thurs, 2/6 Using formulas only, transfer the balances from the November Trial Balance into the ledger accounts Journalize and post the December transactions. NOTE: if a transaction should not be recorded. just leave it out. In addition, formules must be used to calculate all ledger account balances Using formulas, start the worksheet by transferring the ledger balances at 12/31 to the Unadjusted Trial Balance columns With regard to the leder: There are double underlines throughout the accounts. These indicate that you should be done Instructions & Trans... Nov Trial Balance + DATE PART 1: December transactions ACCOUNT DEBIT CREDIT and Waste A n d in C .Com 2500 12/ s es Accounts Payable 12/6 2000 counts Payable cash 2,000 12/10 cash Aronse 1203 Stars and Wages Expense Fica este 305 12/13 Payroll Tax Expense RCATI al Balance an... Ledger Journal Sales and we pense Federal Income Tax Payable State income Tax payable 12/13 Pawoll Tax Expense FICA Taxes Payable 12/15 RCA Tax Payable State Income Tax Payable Federal Income Tax Payable 12/36 Accounts Receivable 29 200 12/12 cash Service Revenue Soo LILLE 12/22 supplies 12/27 Salaries and Wages Expense 1 ,000 480 Federal income Tax Payable State income Tax payable Cash 2924 12/22 R 36 oll Tax Expense RCAT Payable Unewned Service Revenue 12/31 Didends 3.000 Cash al Balance an... Ledger Journal V + CASSEL ACCOUNTING Trial Balance November 30, 2020 PART 1 ACCOUNT Accounts recebi Pedance Supplies s 21 300 401 Notes payable SRCA 3 20 15.00 23 21 34 earned service revenue interest peale Common stock Ad a l Padin Capital Common Betained earnings Service revenue Rent expense Salaries and wages expense Payroll tax expense 218.700 2.000 220.000 26 27 1.450 2001 Insurance cupense TOTALS 190 20 02 CASSEL ACCOUNTING Chart of Accounts Accounts recette Prepaid insurance ples common stock Ad a l Padin Capital Retained earnings A b le Rent pense Supplies RCA State income tax payable Derection expense uctions & Transa... Nov Trial Balance a... Using formulas, start the worksheet by transferring the lediger balances at 12/31 to the Unadjusted Trial Balance columns with regard to the Leder There are double underlines throughout the accounts. These indicate that you should be done posting/recording items. For instance, the first double underline in each account are for the November balances, the next one is for the end of recording December transactions, etc There is a "Check Figures Actual box at the very end of the edge. The formulasarest so that when you post transactions, the balances will automatically be tabulated at the bottom so you will know if your debits equal your credits. This assumes, however, that you have the proper formulas set up in the balance columns and that you don't move the accounts around. Next to that box are the Delor total that you should have At the end of December the fiscal year end Cassel Accounting had the following adjustments. (NOTE: Depreciation expense is only recorded at year-end all other adjustments are recorded monthly) of the $5.500 received from the cent on 12/17, 51 500 has been earned as of 12/31 The insurance policy was renewed on 10/1/20 for months at a cost of $7.30 Interest has accrued on both of the notes. The $14.400 note was taken out on 8/1/20 and is for 16 months at 5% interest. The equipment is being depreciated over 10 years using the straight-line method with no salvage value. The equipment on the books at 11/30 was purchased on 119 $7,200 of the amounts received in advance from clients have been earned $1,680 of supplies were used during December Audit services performed on 12/29 have not yet been billed. The client owes $2.550 Record the salary of $20,000 owed to Mr. Cassel for December. He receives his check on the first I day of the following month. His FICA tax rate is also 7655 and he has 20% for Federal income tax and 10% for State income tax deducted from his check Record the December wages earned and taxes Owed by Tailer since the last pay period (NOTE:round to whole dollars if necessary) Record the employer's share of FICA tax on all salaries/wages payable Received a utility bill for December for $825. Instructions Part 2 is due by 9:30am on Thurs, 2/13. 4 Journalire in the order given above) and post the adjusting entries. 5 Complete the Worksheet. Don't forget to use formules at all times. instructions Part 3 is due by 9:30am on Thurs, 2/20. Don't forget to use formules throughout Using proper formatting including dollar signs and double underlines prepare Financial 6 Statements for the year. (NOTE: Since we are using a worksheet your numbers can come from there: just be sure they agree to the balances in your lediger accounts.) Prepare and post the Closing entries. Prepare a Post-Closing Trial Balance mission for grading Save your file with your class time, last name of each group member, and Part De 930 Smith Jones_P1) Using the link in Assignment Project AC Project, pload your se 3 Projects must be submitted by 30am on the given above No late missions will be accepted Inst Instructions & Trans... Nov Trial Balance +