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We are going to use Excel to prepare a worksheet for the Devlin Company using the data from P3-11 on pg. 3-54 as a group of 2 people. Your assignment is to prepare a worksheet and a set of financial statements in the format in the worksheet example files on Canvas (ignore the requirements in the problem). Your worksheet should include a trial balance, adjusting entries, an adjusted trial balance, closing entries and a post-closing trial balance. You should also prepare an income statement, statement of retained earnings, and a classified balance sheet in good form based on your trial balance.
- You can add accounts as needed. If an account is needed, create one by inserting a row in the correct section (put a new expense in with other expenses).
- Use formulas to do ALL mathematical operations. To calculate the amounts in the adjusted trial balance put in a formula that adds or subtracts adjustments made to that account. For example with the Sales Revenue account, put a formula into the Sales Revenue cell (in the adjusted trial balance section) that takes the original trial balance amount adds any credits and subtracts any debits that are made in the adjustment columns. Columns should be totaled using the =SUM function.
- An income summary account is not needed – close directly to retained earnings (retained earnings will be credited when revenues are closed and debited when expenses are closed).
- Turn the worksheet in via the assignment I’ve setup on Canvas. Only one person needs to turn it in. Make sure both names are obvious at the top of the spreadsheet.
The assignment is due @ 1:00 p.m. on Monday,