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I need help with this extensive accounting problem. My numbers are not adding up so I would like to see how the whole problem is done as I cannot get the right answer due to each part affecting the next.

de Accontns Packet Fxercise 4.7 (Comprehensive Exercise Hoosier Ine. Balance Sheet As of December 31,2017 Current Liabilities: Current Assets: 2,700 380,000 Accounts Payable 22,300 Interest Payable 3,000 Other Payable Accounts Receivable Supplies Prepaid Insurance Total Current Assets 2,500 9,000 Unearned Revenue 74,200 414,300 Total Current Liabilities Long-term Assets: Equipment Long-term Liabilities Bonds Payable 99,000 120,000 Equipment, net Land Total Long Term Assets 98,000 Stockholders' Equity 28,400 Common Stock 126,400 Retained Earnings 11,500 Total Stockholders' Equity 367,500 Total Assets 540,700 Total uabilities & Equity 540,700 The December 31, 2017 balance sheet for Hoosier, Inc. is provided above. A list of transactions and adjustments for January 2018 are provided on the next page. Enter the beginning balances on the T accounts (use the 12/31/2017 Balance Sheet) Note: normally these balances would already be in the accounts carried over from the prior period Prepare a journal entry for each January transaction. Remember to use proper form by listing debits first and indenting accounts that are credited. Post each journal entries to the appropriate T accounts. Calculate the ending balance for each T account. Prepare a Trial Balance. Check to see that Debits -Credits Prepare the adjusting joumal entries. Post the adjusting journal entries to the T accounts. Calculate the ending balance for each T account. Prepare an Adjusted Trial Using the balances on the Adjusted Trial Balance prepare the financial statements. Prepare the statements in the above order. Reminder: adjusted trial balance does not show the ending balance for retained earnings! Prepare the closing entries. Post the closing entries to the T accounts. Calculate the ending balance for each T account. Prepare a Post-Closing Trial Balance. . 62 January 2018 Transactions 1/1/2018 Hoosier purchased Equipment for S15.000 cash. 1/2/2018 Hoosier collected $14,000 in cash from a customer for work previously performed and billed in 2017 1/4/2018 Hoosier purchased $2,100 of supplies inventory with cash. Bonds Payable is due in 2022. 1/8/2018 Hoosier paid S1,200 to a vendor for supplies previously purchased on credit 1/6/2018 Hoosier repaid $3,800 of the Bond Payable (principal). The remainder of the - in December 2017 1/10/2018 Hoosier completed S30.000 of services for a customer, 20% was received in cash; the remainder was billed. 1/20/2018 Hoosier sold the land for cash, resulting in a $3,000 gain. Hint: Look at the 1/29/2018 Hoosier paid S1,700 to the bank for interest. $1.000 was for interest expense 1/30/2018 Hoosier declared but did not pay a cash dividend of $2,100. balance sheet to see the cost of the land. incurred in January and $700 was to pay the amount owed at 12/31/17. 1/31/2018 Hoosier paid employees S3200 for work performed during the January 2018. Prepare the January Journal Entries and Date Account post to the T-Accounts: Debit Credit c. 2 200 390,000 1 5000 2l00 8 200 l 200 31400 7 Accumulated Land EquipmentDe no oco 28400 Accounts Payable Unearnecd Revenue Other Payables 2, soo Interest Payable 2,700 leoo 2y00o 0 a Dividends Bond Payable Wages Payable Payable Fees Earned 9,000 3800 Supplies Expense Insurance Expense Depreciation Expense Common Stock Dividends Declared Gain on Sale of Land Wages Expense 3200 Interest Expense L 2/00 Retained Earnings 350000 2 100 Hoosiers Inc. Unadjusted Trial Balance January 31, 2018 Debit Credit Total $592,100 $592,100 Adjusting Entries needed at January 31: - Hoosier used $3,000 of the supplies in January. - Hoosier used up S1,600 of its prepaid insurance. The January depreciation calculated for the equipment totaled $2,000. Hoosier owed S3.200 to employees for work performed during the last half of January. These wages will be paid in early February. Hoosier performed 80% of the services for which it had been paid in advance (before 2018). Hint: Look at the balance sheet to see how much cash the company received in advance Prepare the AJE's, post to the T-Accounts Date Account Debit Credit Prepare the Adjusted Trial Balance: Hoosiers Inc. Adjusted Trial Balance January 31, 2018 Debit Credit TOTAL S597,300 S597,300 Prepare the Financial Statements: Hoosier Inc. Income Statement For the month ended January 31, 2018 Revenue: Operating Expenses: Total Operating Expenses Operating Income Other income/(expense): Interest Expense Gain on sale of land Net Income Hoosier Inc. Statement of Stockholders' Equity For the month ended January 31, 2018 Common Retained Total Stock Earnings Stockholders Equity Balance as of December 31, 2017 Stock issued Net income Dividends declared Balance as of January 31, 2018 Hoosier Inc. Balance Sheet January 31, 2018 Assets: Long-term Assets: Total Assets LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Long-term Liabilities: Total Long-term Liabilities Stockholders' Equity: Total Stockholders' Equity Total Liabilities& Stockholders' Equity Hoosier Inc. Statement of Cash Flows (use direct method) For the month ended January 31, 2018 Cash flow from operating activities: Cash flow from investing activities: Cash flow from financing activities Change in cash balance Beginning cash balance Ending cash balance Prepare the Closing Entries, post to the T-Accounts Prepare a Post-Closing Trial Balance Hoosiers Inc. Post-Closing Trial Balance January 31, 2018 Debit Credit TOTAL S581,200 S581,200 Why is the total debit column in the Adjusted Trial Balance not equal to Total Assets on the Balance Sheet? What was the purpose of each of the trial balances? How do you determine the Retained Earnings balance that is reported on the 1/31/2018 balance sheet? When should companies prepare adjusting journal entries? Willthe AJE's be different if preparing monthly v. annual financial statements

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