Comprehensive Problem 7 (CP7) On December 1 2010 Moreland Company had the follow

Comprehensive Problem 7 (CP7) On December 1 2010 Moreland Company had the following account balances.AND SO ONInstructions(a) Journalize the December transactions. (Assume a perpetual inventory system.)(b)
Enter the December 1 balances in the ledger T accounts and post the
December transactions. Use Cost of Goods Sold Depreciation Expense
Insurance Expense Salaries Expense Sales Sales Discounts Income Tax
Payable and Income Tax Expense.(c) The statement from Lyon County
Bank on December 31 showed a balance of $22164. A comparison of the
bank statement with the cash account revealed the following facts.1. The bank collected a note receivable of $2500 for Moreland Company on December 15.2.
The December 31 receipts of $2736 were not included in the bank
deposits for December. The company deposited these receipts in a night
deposit vault on December 31.3. Checks outstanding on December 31 totaled $1210.4.
On December 31 the bank statement showed a NSF charge of $800 for a
check received by the company from C. Park a customer on account.
Prepare a bank reconciliation as of December 31 based on the available
information.(Hint: The cash balance per books is $21990. This can
be proven by finding the balance in the Cash account from parts (a) and
(b).)(d) Journalize the adjusting entries resulting from the bank reconciliation and adjustment data.(e) Post the adjusting entries to the ledger T accounts.(f) Prepare an adjusted trial balance.(g) Prepare an income statement for December and a classified balance sheet at December 31.Check: (f) Totals $89425; (g) Net income $ 1325; Total assets $72550