Prepare an adjusted trial balance

Assignment Help Other Subject

Reference no: EM132721571

Question: Gabriel's Graphics Company was organized on January 1, 2020, by Gabriel Medina. At the end of the first 6 months of operations, the trial balance contained the following accounts.

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 are on hand.

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

3. The balance in Insurance Expense is the premium on a one-year policy, dated April 1, 2020.

4. Service revenues are credited to revenue when received. At June 30, services revenue of $1,300 are unearned.

5. Revenue for services performed but unrecorded at June 30 totals $2,000.

6. Depreciation is $2,250 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 June 30

Reference no: EM132721571

Questions Cloud

What is the ecological function : What is the ecological function as well as the industrial or commercial use of the microorganism Lactobacillus bulgaricus?

What are simple coping strategies you can suggest : What are simple coping strategies you can suggest for the indicated stressors. What action plans should be implemented to better cope with the stressors?

Compute how much money will have in account after one year : Compute How much money will you have in the account after 1 year? CD offering 5% APR with semi-annual compounding (i.e., two times per year).

What is cost of an investment that will produce cash flows : What is the cost of an investment that will produce cash flows of $250 at the end of the next 5 years, then an extra lump sum payment of $500

Prepare an adjusted trial balance : Gabriel's Graphics Company was organized on January 1, 2020, by Gabriel Medina. At the end of the first 6 months of operations, the trial balance contained.

What is the virulence factor of black and white piedra : What is the virulence factor of black and white piedra? What is the causative agent of ringworm infection?

What microorganisms are found commonly : What microorganisms are found commonly in the skin microbiome? What laboratory methods would you use to identify these microorganisms and why?

What will be the equity method income reported : What will be the equity method income reported by Princeton Company from its investment in Stanford Company during 20X9

What is the present value of a perpetuity bond that will pay : Another opportunity where you could earn 5% on your money with an equal amount of risk. What is the most you should pay for this annuity?

User Account

All Pages