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Prepare the missing adjusting entries for the transactions

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Reference no: EM132577925

A. On December 31, BMRC completed a focus group for a client on handbags. An invoice was sent to the company for $5000 due January 31, 2018.

B. On December 31, the company completed a market research report for a client. The client had prepaid $3000 for the service in November.

Required:

Question 1. Prepare the missing adjusting entries for the transactions.

Question 2. An adjusted trial balance

Question 3. Based on your adjusted trial balance, prepare the closing entries.

Question 4. Prepare classified balance sheet at December 31, 2017.

The owner made no additional investment during the year. A $2500 payment on the long term notes payable will be made during 2018. Also, $1500 of the notes receivable will be collected by December 31, 2018.

Reference no: EM132577925

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