Reference no: EM13257096
st. denis inc kept record without accountant, after mucheffort outside accountant prepared unadjusted trial balance as of the end of annual accounting peiord dec. 31, 2007
accounttitle debit credit
cash 60000
accountsreceivable 13000
supplies 800
prepaidinsurance 1000
servicetrucks 20000
accumulated depreciation, servicetrucks 12000
otherassets 11200
accountspayable 3000
income taxpayable
notes payable(3yrs; 10% interest due eachdec31) 20000
contributed capital(5000 sharesoutstanding) 28200
retainedearnings 7500
servicerevenue 77000
remaining expense(not detailed;exclude income tax) 41700
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$147,700 $147,700
data not yet recorded at dec 31, 2007
a. supplies counted on dec 31, 2007, reflected $300 remainingon hand to be used in 2008
b. insurance expired during 2007; $500
c. depreciation expense for 2007; $4000
d. wages earned by employees not yet paid on dec. 31, 2007;$900
e. income tax expense was $7350 ---------------------
required:
prepare an income statement and a classified balance sheetthat include the effects of the preceding 5(a-e) transactions.
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