Complete the following tasks:1. Prepare all journal entries on word/excel docume

Complete the following tasks:1. Prepare all journal entries on word/excel document.2. Post all journal entries to the worksheet3. Post all adjusting journal entries to the worksheet4. In good form produce an income statement statement of retained earningsbalance sheet and statement of cash flows.5. Post the necessary closing entries to the proper accounts and update the retainedearnings account accordingly.Instructions:Post
the regular journal entry amounts in columns G and I post the
adjusting journal entry amounts in columns O and Q and post the closing
entry amounts in columns W and Y.Do not touch the columns with the account balances for they are formula driven. You will not have to calculate anything!For
tracking purposes post the journal entries as they appear. The regular
transaction numbers will be posted in columns F and H. The adjusting
transaction numbers will be posted in columns N and P. The closing
transaction numbers will be posted in columns V and X. Regular
transactions will have just the number (1 2 3 etc). Adjusting
transactions will have A in front of the number (A1 A2 A3 and etc).
Closing transactions will have C in front of the number (C1 C2 and
C3). Failure to put in transaction numbers where instructed will
automatically result in 15 point reduction in grade.For the
statements: use only the cells marked in yellow to put in numbers. The
totals will calculate for you. You will not be required to do any
formatting.Check Figures:Unadjusted Net Income: $171268Adjusted Net Income: $74928Ending Retained Earnings Balance: $203860Journal Entries1. January 2: Mr. Burns sold 100000 shares of common stock @ $10. The stock had a par value of $82. January 5: Mr. Burns collected $20000 of prior accounts receivables by acquiring help from Fat Tony and the Mob.3.
January 5: Mr. Burns issued a bond (new bond) to raise the needed
capital to enhance his evil empire in Springfield USA. The new bond is a
five year 12% $100000 semi annual bond with an effective market rate
of 10%. Payments are to be made semi-annually. The bond will be
amortized using the effective interest method. Record the issuance of
the new bond. Round to the nearest dollar.4. February 4: Mr. Burns
bought a new truck to speed up delivery time. Mr. Burns bought the
truck outright for $20000. The truck is expected to have a useful life
of 150000 miles.5. February 10: Mr. Burns bought $200000 of
inventory on account. The freight cost was $2000. The terms were FOB
Destination.6. March 1: Mr. Burns paid off what he originally owed in accounts payable at the beginning of the year.7. March 15: Mr. Burns paid income tax from last year.8.
April 1: Mr. Burns wrote off a $1000 of accounts receivable that he
knew that he would never be able to collect from Homer Simpson. Record
the write-off.9. April 15: Mr. Burns sold on account $700000 (2/10 n30) to city of Springfield. The cost of merchandise sold was $30000010.
April 20: Because a couple of cookie batches had radiation
contamination they were returned. $100000 of inventory was returned.
The cost of merchandise sold was $40000.11. May 1: The city of Springfield paid Mr. Burns for the shipment of cookies in entry 9 and 10.12.
July 1: Mr. Burns made the third interest payment and amortized using
the effective interest method on the old bond from January 1 2009.
This bond was a five year semi annual bond with a face value of
$100000 effective market rate of 8% and coupon rate of 6%. Payments
are made semi-annual. Record the interest payment and the amortization.
Round to the nearest dollar.13. July 1: Mr. Burns made his first
semi-annual interest payment on the new bond and amortized using
effective interest method. Record the interest payment. Round to the
nearest dollar.14. July 1: Mr. Burns bought back 20000 shares of treasury stock for $7 a share.15.
August 10: Mr. Burns paid the following expenses: Wage Exp $10000
Rent Exp $20000 Professional Fees $40000 Sales Salary Exp $10000
and Advertising Exp $60000. (Combine the amounts into ONE cash entry)16.
August 25: Homer won some money in a trumped up lawsuit. He was able
to pay off the debt he owed to Mr. Burns. This was the debt Mr. Burns
previously wrote off.17. September 15: Mr. Burns declared dividends of $50000 because of an ether induced hallucination of Popping Fresh.18. September 30: Mr. Burns sold 10000 of the treasury stock with a cost $7 for $12 per share.19.
October 20: Mr. Burns paid off the entire Notes Payable which was due
in 2012. The amount Mr. Burns paid included the face value of Note
plus $10000 of interest.20. November 1: Mr. Burns paid off the
Notes Payable due in December 2011. Mr. Burns paid full carrying value
of the Note plus $500 of interest.21. December 31: Mr. Burns made a semi annual interest payment on the old bond and amortized. Round to the nearest dollar.22. December 31: Mr. Burns made a semi annual interest payment on the new bond and amortized. Round to the nearest dollar.23. December 31: Mr. Burns paid the dividends previously declared.Adjusting EntriesAt December 31 2010 Mr. Burns made the following adjusting entries to update the books.A1. At year end it was estimated that 6% of the year end accounts receivable will not be collected.A2. Mr. Burns accrued for 2010 income taxes which are to be paid March 15 2011 $70000A3. Mr. Burns earned the remaining amount of unearned revenue in 2009.A4. Mr. Burns incurred the following depreciation expenses for the year:Equipment (10 year straight line bought in 2007)Machinery (10 year double decline bought in 2007)Truck (driven 75000 miles during the year)Combine depreciation expense into one entryA5. All prepaid expenses expired during the year.A6. Office supplies were counted by Homer Simpson because he was caught skipping work. He counted $3000 worth at year end.A7. Accounts Receivables not recorded $10000Closing EntriesAt December 31 2010 the following closing entries were needed:C1. & C2. Close all revenue and expense accounts.C3. Close income summary to retained earnings.C4. Close the Dividends account.