Reference no: EM132493682
The un-adjusted trial balance for PB&J Corp. appears below as of December 31, 2019. PB&J Corp. Un-adjusted Trial Balance December 31, 2019 Debit Credit
Cash $35,300
Accounts receivable 16,000
Prepaid insurance 5,000
Supplies 1,500
Equipment 20,000
Accumulated depreciation-equipment $3,200
Accounts payable 11,000
Unearned service revenue 9,800
Common shares 27,000
Retained earnings, Beginning 17,000
Dividends 1,000
Service revenue 24,600
Salary expense 8,200
Utilities expense 800
Rent expense 3,600
Advertising expense 1,200 ________ $92,600 $92,600
Additional data is as follows (adjustments may need to be made to the above numbers using this data):
- Supplies used during the current year amount to $700. · Accrued salaries on December 31, 2019, amount to $500.
- Unearned service revenue earned during the year amounts to $3,500.
- Depreciation for the current year amounts to $2,000.
- Prepaid insurance on hand on December 31, 2019, amounts to $800.
Required
Question 1: Based on the un-adjusted trial balance and the additional data, give a balance sheet for PB&J Corp. dated December 31, 2019 (Hint: you may need to give all three financial statements to calculate ending retained earnings)
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