1. At the end of October, the following adjustment data were assembled, analyze
ID: 2704243 • Letter: 1
Question
1. At the end of October, the following adjustment data were assembled, analyze and use these data to complete parts 3 and 4.
a. Insurance expired during October is 250
b. Supplies on hand October 31 are 700
c. Depreciation of office equipment for October is 300
d. Accrued receptionist salary on October 31 is 250
e. Rent expired during ovtober is 1600
f. Unearned fees on October 31 are 1800
2. Enter the unadjusted trial balance on an end-of-period spreadsheet (worksheet) and complete the spreadsheet.
3. Journalize and post the adjusting entries. Record the adjusting entries on page 3 of the journal below.
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a retained earnings statement, and a balance sheet.
6. Prepare and post the closing entries (income summary is account #34 in the chart of accounts) record the closing entries on page 4 of the journal. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry.
7. Prepare a post-closing trial balance.
Unadjusted Trial Balance Description Dr Cr. Cash 23000 A/R 800 supplies 750 Office equipment 7000 Prepaid rent 4800 Prepaid insurance 3000 Unearned Fees 4000 A/P 1000 Advertising Exp. 400 Consulting Revenue 28200 Salary exp. 2000 Utility exp. 550 Banovich withdrawal 8000 41750 41750Explanation / Answer
Unadjusted Trial Balance Description Dr Cr. Cash 23000 A/R 800 supplies 750 Office equipment 7000 Prepaid rent 4800 Prepaid insurance 3000 Unearned Fees 4000 A/P 1000 Advertising Exp. 400 Consulting Revenue 28200 Salary exp. 2000 Utility exp. 550 Banovich withdrawal 8000 41750 41750
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