Complete the worsheet one section at a​ time, beginning with the Adjustments columns. For the Adjustments columns use the appropriate letters a. through d. as posting references. For the Income Statement and Balance Sheet​ columns, remember to include the net income or loss after the totals and then total the columns again. ​ (If a box is not used in the​ worksheet, leave the box​ empty; do​ not enter a zero. Abbreviations​ used: Acc.​ = Acccumulated; Adj.​ = Adjusted; Depr.​ = Depreciation; Stmt.​ = Statement.)     Mullen Co.   Worksheet   For Year Ended December 31, 201X     Trial Balance Adjustments   Account Dr. Cr.   Dr.   Cr.   Cash 7             Accounts Receivable 3             Merchandise Inventory 9             Store Supplies 7             Store Equipment 20             Acc. Depr., Store Equipment   8           Accounts Payable   7           J. Mullen, Capital   33           Sales   49           Sales Returns and Allowances 7             Cost of Goods Sold 18             Salaries Expense 9             Advertising Expense 17             Store Supplies Expense               Depr. Exp., Store Equip.               Accrued Salaries Payable               Totals 97 97           Net Income/Loss               Totals                             Adj. Trial Balance Dr. Cr.                                                                                                                               Income Stmt. Dr. Cr.                                                                                               Balance Sheet   Dr. Cr.

(b) Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entry before credit entry.) Account Titles Debit Credit

Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases only one column may be affected because all of the specific accounts affected by the transaction are included in that category. a. Accrued interest revenue of $30 on a note receivable. b. Paid $9,300 in cash as an advance rent payment for a short-term lease that covers the next three months. c. Recorded an adjustment at the end of the first month (in b) to show the amount of rent "used" in the month. d. Inventory was acquired on account and recorded for $4,810. Perpetual inventory is maintained. e. It was later determined…

The spreadsheet is O a. used to aid in preparing financial statements. O b. used to determine net income or loss. O c. used to summarize the effects of adjusting entries. O d. used to determine amounts recorded in the unadjusted trial balance.