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1. Journalize the routine transactions described on the Journal Tab.
2. Use the Unadjusted Trial Balance and adjusting information provided (See Journal tab) to journalize the 7 adjusting entries (a-g.)
3. Use the Adjusted Trial Balance provided to prepare an Income Statement (Multi-Step) appropriate to a merchandising business, a Statement of Owner's Equity, and a report form Balance Sheet. These should be completed on the Financial Statements tab.

puring the last month of the year, the following transactions were completed: At the end of December, the following adjustment data were assembled. \begin{tabular}{|c|l|} \hline a & Afteraphysicalcountofinventory,itwasdeterminedthat$127,200ofinventoryexistsatDecember31. \\ \hline b & 1% of sales is expected to be refunded. \\ \hline c & Estimated Cost of Merchandise that will be returned in the next year is $7,500 \\ \hline d & Insurance Expired during the year, $2,800. \\ \hline e & Office supplies on hand at Dec 31,$1,250. \\ \hline f & Depreciation for December is $1,100. \\ \hline g & Sales clerk earned $1,500 of unpaid and unrecorded salary as of Dec 31. \\ \hline \end{tabular} *ABC Company considers these items "Selling Expenses." \# ABC Company considers these items "Administrative Expenses." \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline & & & & \\ \hline & & & \\ \hline & & & & \\ \hline \end{tabular}

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