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Givens graphics company was organized on january 1

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Reference no: EM131139013

Givens Graphics Company was organized on January 1, 2010, by Sue Givens. At the end of the first 6 months of operations, the trial balance contained the accounts on the next page.

Analysis reveals the following additional data.

1. The $3,700 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,300 of supplies was on hand.

2. The note payable was issued on February 1. It is a 9%, 6-month note.

3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1,
2010.

4. Consulting fees are credited to revenue when received. At June 30, consulting fees of $1,500 are unearned.

5. Graphic revenue earned but unrecorded at June 30 totals $2,000.

6. Depreciation is $2,000 per year.

Instructions

(a) Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.)

(b) Prepare an adjusted trial balance.

(c) Prepare an income statement and owner's equity statement for the 6 months ended June 30 and a balance sheet at June30.  

Reference no: EM131139013

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