Solved by verified expert:A. Demonstrate the year-end adjustment process:
1. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook. [ACC-307-01]
2. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab. [ACC-307-
3. Create the adjusted trial balance by computing the Adjusted Trial Balance columns using the Worksheet tab. [ACC-307-01]
4. Close temporary accounts by completing the Closing Entries tab. [ACC-307-01]
B. Prepare the financial statements:
1. Prepare an income statement for the provided company by completing the Income Statement tab in your workbook. [ACC-307-03]
2. Prepare a statement of retained earnings by completing the Statement of Retained Earnings tab. [ACC-307-03]
3. Prepare a balance sheet by completing the Balance Sheets tab. [ACC-307-03]
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