# Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31,...

###### Question:

Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Credits Debits 86,335 28,500 e 70,500 89,000 Account Title Cash Accounts receivable Supplies Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals 11,570 38,700 5,400 32,100 135,000 21,350 10,125 270,000 140, eee 61,150 19,400 2,560 6,550 514, 120 514, 120
Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2019 and is being depreciated using the straight-line method over an eight-year useful life with no salvage value. 2. Accrued salaries at year-end should be $8,100. 3. The company borrowed$32,100 on September 1, 2021. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10% 4. The company debits supplies expense when supplies are purchased. Supplies on hand at year-end cost $640. 5. Prepaid rent at year-end should be$1,450. 1. Complete the worksheet below. 2-a. Use the information in the worksheet to prepare an income statement for 2021 2-b. Use the information in the worksheet to prepare a statement of shareholders' equity for 2021. 2-c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2021. 3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts,
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