Prepare adjusting entries post and prepare adjusted trial balance and financial

Prepare adjusting entries post and prepare adjusted

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Prepare adjusting entries, post, and prepare adjusted trial balance and financial statements. (LO 2, 3, 4) (c) Adj. trial balance $281,000 (d) Net income $18,300 Ending capital balance $113,300 Total assets $203,400 Prepare adjusting entries and financial statements. (LO 2, 3, 4)
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DELGADO ADVERTISING AGENCY Trial Balance December 31, 2017 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $ 11,000 $ 11,000 Accounts Receivable 20,000 21,500 Supplies 8,600 4,800 Prepaid Insurance 3,350 2,500 Equipment 60,000 60,000 Accumulated Depreciation—Equipment $ 28,000 $ 34,000 Accounts Payable 5,000 5,000 Interest Payable –0– 150 Notes Payable 5,000 5,000 Unearned Service Revenue 7,200 5,900 Salaries and Wages Payable –0– 2,100 Owner’s Capital 25,500 25,500 Owner’s Drawings 12,000 12,000 Service Revenue 58,600 61,400 Salaries and Wages Expense 10,000 12,100 Insurance Expense 850 Interest Expense 350 500 Depreciation Expense 6,000 Supplies Expense 3,800 Rent Expense 4,000 4,000 $129,300 $129,300 $139,050 $139,050 Instructions (a) Journalize the annual adjusting entries that were made. (b) Prepare an income statement and an owner’s equity statement for the year ending December 31, 2017, and a balance sheet at December 31. (c) If the note has been outstanding 6 months, what is the annual interest rate on that note? P3-4B A review of the ledger of Almquist Company at December 31, 2017, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries and Wages Payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of $900 each per week, and three employees earn $700 each per week. Assume December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. 2. Unearned Rent Revenue $354,000. The company began subleasing office space in its new building on November 1. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Term Number of Date (in months) Monthly Rent Leases Nov. 1 6 $5,000 5 Dec. 1 6 $8,500 4 3. Prepaid Advertising $15,600. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as follows.
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  • Winter '17
  • Dr. Mahwish Anjum
  • Balance Sheet, Revenue, Generally Accepted Accounting Principles, 1973, s Capital

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