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Fianancial statement




Question;Trial Balance..Trial Balance Debit creditCash 24,600prepaid insruance 5400supplies 4300land 40,000buildings 132,000equipment 36000accounts payable 6,500unearned rent revenue 6,800mortgage payable 120,000common stock 100,00dividends 5,000rent revenue 80,000salaries& wages expense 53,000 utilites expense 9,400maintenance & repairs expense 3600 313,300 313,3001. Insurance expires at the rate of 450 per month2. A count of supplies on August 31 shows $700 of supplies on hand.3. Annual depreciation is $6,600on buildings and $4,000 on equipment.4. Unearned rent of $5000 was earned prior to augus 315. Salaries of $600 were unpaid at August 31.6. Rentals of $1,600 were due from tenants at August 31(use accounts receivable)7. The mortgage interest rate is 9.5% per year. (The mortgage was taken out August 1)Instructionsa) journalize the adjusting entries on august 31 for the 3 month period juen 1-august 31b) prepare a ledger using t accounts. enter the trial balance amounts and post the the adjusting entriesc) prpare an adjusted trial balance on august 31d) prepare an income statement and a retained earnings statement for the 3 months ended august 31 and a classified balance sheet as of august 31.


Paper#45514 | Written in 18-Jul-2015

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