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Depreciation is computed using the straight-line method

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Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2016, the first month of operations, is shown below.
End-of-the-month adjustments must account for the following items:

a. Supplies were purchased on January 1, 2016; inventory of supplies on January 31, 2016, is $1,550.

b. The prepaid advertising contract was signed on January 1, 2016 and covers a four-month period.

c. Rent of $2,050 expired during the month.

d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value.

1. Complete the worksheet for the month.

2.1 Prepare an income statement

2.2 Prepare a statement of owner's equity.

2.3 Prepare a balance sheet.

3. Journalize and post the adjusting entries. Use the following accounts: Supplies, Prepaid Advertising, Prepaid Rent, Accumulated Depreciation-Equipment, Supplies Expense, Advertising Expense, Rent Expense and Depreciation Expense- Equipment.

Reference no: EM131765929

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