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Following are selected accounting transactions for the month of December along with certain accounting adjustments necessary for ACME Distribution, Inc. as of December 31, 2021. The company is a distributor of various games and toys. You are the accountant for the company and need to record the journal entries for the selected December transactions and necessary adjusting joumal entries prior to preparing the year-end firtancial statements. Step 1 i: Read the selected December transactions and prepare the necessary journal entries using the account descriptions from the general ledger and then post the entries to the appropriate general ledger T-accounts. After posting all of the joumai entries, calculate the December ending balance for each general ledger T-account and note the ending balance at the bottom of each T-account. Next carry each general T-account balance to the appropriate debit or credit unad usted balance columns on the trial balance. Total these columns and make sure the totals agree. Enter the column totals on the total line. Step 2. Read the sfuations requiring a year-end adjustment on the adjusting entries page. Complete any necessary calculations for each siluation. Please be sure to round all amounts to the nearest dollar. Then complete the required adjusting journal entries for each situation using the account names from the general ledger Each adjusting entry should then be posted direcly to the trial balance in the appropriate debit and credit columns noted for adjusting entries. Total the debit and credit adustment columns and make sure the fotals agreo. Enter the column totals on the totalline. stg3. Complete the adjusted trial balance columns and then total each column making sure the debit and credi column totals agree. Enter the column totals on the total bne. After completing the adjusted trat balance columns prepare the 2021 information for the income statement and statement of stockholders equity for the year 2021, and the balance sheet as of December 31,2021 in the comparative financial statements Step 4: After completing the financial statements prepare the appropriate cosing joumal entries using the account names from the generall ledger. Each closing entry should then be be posted direclly to the trial balance in the appropriate debit and credit columns noted for the closing entries. Total the deblt and credit column fotals for the closing entries and be sure that the lotals agree. Then complete the post closing tral balance debit and credit columns Totar these two columns and be sure the totals agree. Enter the colurnn totals on the total line. If you have any questions on this project please see the accounting oraduato assistants in wB334 or see your Chart of Accounts Cash Accounts Receivable Allowance for Bad Debts Inventory Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation-Office Equipment Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Accounts Payable Bond Payable Salaries Payable Interest Payable Dividends Payable Unearned revenue Common Stock Additional Paid-In Capital-Common Stock Retained Earnings Dividends Sales Sales Discounts Sales Returns \& Allowance Cost of Goods Sold Depreciation Expense-Office Equipment Depreciation Expense.Warehouse Equipment Bad Debt Expense Salaries Expense insurance Expense Rent Expense Interest Expense Advertising Expense Utilities Expense Income Summary AC De Ge Beginning balance Ending balance Beginning balance \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Interest Payable } & \multicolumn{3}{|c|}{ Dividends Payable } & \multicolumn{2}{|c|}{ Unearned revenue } \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} Ending balance Beginning balance Ending balance \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Dividends } \\ \hline 24,000 & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \end{tabular} Beginning balance Ending balance December 31, 2021 General Ledger T-accounts Fiead trosigh the information bulow for seiected tathattens during the nonth se pectmber, bolow to the general teoger Towccounts attached gith ripe Bob Moctantise in is poo L Lee Cop oe acrour oo Dectiber I Cint of the miechandet aas biec aquitione of fie puthase ascour. Actar 0 istrinution, int. Decmmer Di, suaf Belected Trandations aebrined feed insir? ase then acosoins. AClle Dantilutiony the ACME, Oiduliufran, ine. Decereluer 21, 2gP1 Genaral Larlay 1 Lacrouefo BCCIE Disititution, inf- Dermohet 31, Nol 1

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