Accounting Cycle Project: Complete the Cycle & Prepare Financial

Accounting Cycle Project Part2-CompletethecycleandPrepareFinancialsstatements Zeta-Z Video Game Supplies has identified the following accounts as needed to be adjusted. Complete the necessary adjusting entries: a)Salaries earned but not paid for the period $5,500. b)Record accrued dividend income on investments of $1,500. c)Depreciation expense for the period. The equipment has a useful life of 15 years & the salvage value is estimated to be zero. (Hint - you have a partial year) d)Determine the amount of Insurance that has expired. e)Supplies on hand - $1,700. f)Found the parts needed to repair the game systems brought in on August 9th. As of December 31st, half were complete and given to the customer - Zeta is working on finishing the rest of the systems. g)Record the amount of expired rent. h)Record accrued Interest expense of on Note Payable for the equipment purchased on May 1st. i)Once all the adjustments are complete the company will need to calculate net income. Then you will calculate tax expense and recorded it (the offset is a tax payable). The company has an income tax rate of 25%. Part2- Instruction Instruction: You will prepare the following in excel - 1.General Journal a.Prepare adjusted journal entries 2.Ledger - T accounts a.Show beg. Unadjusted balance from part 1 b.Post adjusting activity - with Journal entry reference add on to unadjusted balance (this is your beginning) c.Show adjusted ending balance in ledger account 3.Trial Balance a.Prepare and Adjusted Trial Balance 4.Financial Statements a.(Multi-step) Income statement (do not forget the EPS disclosure) b.Statement of Retained Earnings c.(Classified) Balance Sheet (remember all disclosures) d.Cash Flow - prepare a direct method (remember that GAAP requires a reconciliation when the direct method is used) 5.General Journal e.Prepare closing journal entries 6.Ledger - T accounts a.Show Beg adjusted balance from #2 b.Post the closing activity with Journal entry reference c.Show ending closing balances 7.Trial Balance a.Prepare a Post-Closing trial balance Remember to use proper formatting for everything you do! Financial statements should be GAAP format and look professional (and printer ready).Assume you are making this for a client.