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Question 1The following are the unadjusted balances in the accounts of (Name of Student) Trading Ltd. for the fiscal year ended 9/30/2011 $ Cash 28,750 Accounts receivable 32,900Prepaid insurance 4,800 Stores supplies 12,400Inventory 36,000 Stores equipment 32,300Acc. Depreciation – Stores equipment 9,300 Manufacturing equipment 98,500Acc. Depreciation – Manufacturing equipment 23,850 Accounts payable 15,430Notes payable 50,000 Unearned revenue 33,000Common stock 90,000 Dividends paid 15,000Retained earnings ? Sales 185,700 Dividend received on investment 6,450 Sales discounts 10,100Sales returns and allowances 2,095 Purchases 98,000Purchases returns and allowances 9,250 Transportation-in 3,250Transportation-out 1,820 Salaries expense 30,425Rent expense 18,000 Advertising expense 7,600Utilities expense 5,900(The company uses a periodic inventory system).Required:1. Prepare the adjusting entries to reflect the items below, using a work sheet. a) Stores supplies still available at the year end is $3,800 b) Expired insurance for the year is $3,600 c) Depreciation expense on store equipment is $2,550 for the year. d) Depreciation expense for manufacturing equipment is 12.5% of the book balance. e) A physical check reveal that $21,000 of inventory is in warehouse at fiscal year end. f) $20,000 of the balance in unearned income was earned in the fiscal year. g) Interest on notes payable is 12% per annum. The $50,000 note was a bank loan taken on 2/15/2011 to be repaid in full in twelve months.(You may need to add some more accounts).2. Prepare closing entries, a multi-step income statement and a statement of retained earnings for the company.3. Prepare a balance sheet, in classical form, as at 9/30/2011
