Upload a copy of ALL PAGES of the Financial Statement HW to the D2L dropbox. You must handwrite (not type) the assignment. Insert image of your assigned unadjusted Trial Balance HERE: Alberto, Inc. December 31, 2017 Unadjusted Trial balance 42,000 24,000 Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Interest Receivable 1,000 50,000 5,000 48,000 12,000 16,000 75,000 Vehicle Equipment Accumulated Accounts Payable Unearned Revenue Wages Payable 42,000 12,000 14,000 2,000 45,000 106,000 2,500 Term Notes Payable Common Stock 1/1/2017 Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold 2,000 503,000 7,000 3,000 46,000 5,000 16,000 0 98,000 25,000 195,000 16,000 Expense Bad Debt E Rent Ex Supplies Ex Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total 0 0 6,500 36,000 727,500 727,500 Part 1a: Prepare adjusting journal entries using the unadjusted trial balance on the previous page and the information provided below. Use only the account names provided on the previous page (do not create any new account names). On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. 1. 2. The company issued a 6 month, 12% interest note short-term note for the amount listed on the unadjusted trial balance on Oct. 1, 2017. All interest and principal will be paid back at the end of the 6 months. Write the adjusting journal entry required for its financial statements as of Dec. 31, 2017. 3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017. 4. Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjustment based on this information. Hint: Use the AFDA 5. A piece of equipment was retired on Dec. 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan. 1, 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipmet at Dec. 31, 2017. Update the depreciation belovw (#5) Then record the retirement (#6)- 6. Record the retirement of the equipment(from #5) including thegain or loss.. Part 1b: Post the adjusting journal entries to t-accounts: (Specific instructions: Above each T-account, write the account name of each account affected by a journal entry. Write in the unadjusted balance for each of these accounts (from page 1) the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.) Part 1c: Prepare the Adjusted Trial Balance (i.e., use ending balances after the previous journal entries are posted) December 31, 2017 Adjusted Trial balance Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Interest Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017 Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Delivery Depreciation Expense Bad Debt Expense Rent Expense Insurance Wa Supplies Expense Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total ense ense ense Insert image of your assigned Adjusted Trial Balance HERE: Elaine, Inc. December 31, 2017 Adjusted Trial balance Debit Credit 45,000 Cash counts Receivable Allowance oub ccounts hort Term Note Receivable Interest Receivable upplies 5,000 repaid Insurance Inventory Vehicle Equipment Accumulated Depreciation 39 counts Payable nearned Revenue 4,000 ages Payable Long-Term Notes Payable ommon Stock Retained Earnings ( 110,000 vidends ales Sales Returns owances ales Discounts ost o ds Sol elivery Expense Depreciation Expense Bad Debt Expense Rent Expense nsurance Expense Wages Expense 5,0 60 100,000 195 upplies Expense Interest Revenue oss on Disposa Interest Expense Income Tax Expense 4 736,350 736,350 otal Part 2a: Prepare a Multi-step Income Statement (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) Inc. Income Statement Year Ended Dec. 31, 2017 Part 2c: Prepare a Classified Balance Sheet (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use allof the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On t Balance Sheet, use the right column for subtotals and totals.) , Inc. Balance Sheet As of Dec. 31, 2017