Requirement 4 Prepare adjusting entries using the following information in the

Requirement 4 prepare adjusting entries using the

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Requirement #4: Prepare adjusting entries using the following information in the General Journalbelow. Show your calculations!a) One month's insurance has expired.b) Supplies used during the period $375.c) The estimated depreciation on equipment is $175.d) The estimated income taxes are $3,200. General Journal Date Description (Account Name) Debit Credit a Insurance Expenses 400 Prepaid Insurance 400 b Supplies Expenses 375 Supplies 375 c Depreciation Expenses 175 Accumulated Depreciation 175 d Income Tax Expenses 3,200 Income Tax Payable 3,200 Requirement #5: Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.
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Requirement #6: Prepare an adjusted trial balance in the space below. Melvin Plumbing Corporation Adjusted Trial Balance July 31 Accounts Debit Credit Cash 90005 Prepaid Insurance 4400 Supplies 525 Equipment 11500 Accounts Payable 10400 Common Stock 90000 Dividends 600 Revenue 16205 Rent Expenses 5500 Salaries Expenses 3300 Insurance Expenses 400 Supplies Expenses 375 Depreciation Expenses 175 Income Tax Expenses 3200 Retained Earnings Income Tax Payable 3200 Accumulated Depreciation - Equipment 175 119980 119980
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Requirement #7: Prepare the financial statements for the Melvin Plumbing Corporation as of July 31 in the space b You will only be preparing the income statement, statement of retained earnings, and the balance The statement of cash flows is a required financial statement, but is not required for this case stu Melvin Plumbing Corporation Melvin Plumbing Corporation Income Statement Statement of Retained Earnings For the Month Ending July 31 For the Month Ending July 31 Revenues: Retained Earnings, July 1 Revenue $ 16,205 Add: Net Income 3,255 Subtotal 3,255 Expenses: Less: Dividends 600 Rent Expense 5,500 Retained Earnings, July 31 $ 2,655 Salaries Expense 3,300 Insurance Expense 400 Supplies Expense 375 Depreciation Expense 175 Income Tax Expense 3,200 Total Expenses 12,950 12,950 3,255 Net Income $ 3,255
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below. e sheet. udy. Melvin Plumbing Corporation Balance Sheet July 31 Assets: Cash $ 90,005 Supplies 525 Prepaid Insurance 4,400 Equipment 11,500 Less: Accum. Depr. 175 11,325 Total Assets 106,255 Liabilities: Accounts Payable 10,400 Income Tax Payable 3,200 Total Liabilities 13,600 Stockholders' Equity: Common Stock 90,000 Retained Earnings 2,655 Total Stockholders' Equity 92,655 92,655 Total Liabilities and Stockholders' Equity $ 106,255
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