Reference no: EM132713080
Question - Steady Answering Service Trial Balance December 31,2020
Cash (dr) 21,600
Accounts Receivable (dr) 12,500
Office Supplies (dr) 1,800
Prepaid Insurance (dr) 2,400
Office Equipment (dr) 34,000
Accumulated Depreciation (cr) 6,000
Accounts Payable (cr) 7,000
Unearned Revenue (cr) 4,600
T. Ramos, Capital (cr) 48,700
T. Ramos, Drawing (dr) 4,000
Service Revenue (cr) 29,000
Salary expense (dr) 15,000
Rent Expense (dr) 4,000
Both Total of = 95,300
The following information are also available for the company on December 31, 2020
a. Insurance that expired during December amounted to P400
b. Office supplies on hand on December 31 totaled P750
c. Depreciation for December totaled P1,000
d. Accrued wages on December 31 totaled P1,200
e. Revenues earned for services performed in December but not billed by the end of the month totaled P3,000
f. Revenues received in advance of services still to be performed totaled P3,000 at the end of the year
Required - To understand how steady, adjust its revenues and expenses so that its net income is properly measured, complete the following:
1. Determine the required adjusting entries and record them in general journal.
2. Post the entries to the T-accounts. Open a new T-accounts as needed.
3. Make an adjusted trial balance.
4. Make an income statement, Statement of Owner's Equity and a balance sheet for the month ended December 31, 2020.
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