Reference no: EM132536870
Question - SRP Ltd has the following unadjusted trial balance as at 31 Dec 2015.
Account Titles Debit ($) Credit ($)
Cash 19,600
Accounts Receivable 7,000
Supplies 1,300
Prepaid Insurance 900
Equipment 27,000
Accumulated Depreciation 12,000
Other Assets 5,100
Accounts Payable 7,500
Share Capital (3000 shares outstanding all year) 16,000
Retained Profit 10,300
Service Revenue 48,000
COGS 32,900
Total 93,800 93,800
Note: Data not yet recorded as at 31 Dec 2015 includes the following five (5) transactions:
1) Depreciation expense for 2015 was $3,000.
2) Insurance expired during 2015 was $450.
3) Wages earned by employees but not yet paid on 31 December 2015 was $2,100.
4) The supplies count on 31 December 2015 reflected $800 remaining supplies on hand to be used in 2016.
5) Income tax expense was $3,150.
Required -
1) Record the 2015 adjusting entries.
2) Prepare an income statement and a classified balance sheet for 2015 to include the effect of the five (5) transactions listed above.
3. Prepare closing entries. Please provide references.
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