Refer to P3-4B.

Data in P3-4B.

Required:
Complete the following steps:
1. Enter the unadjusted balances from the trial balance into T-accounts.
2. Post the adjusting entries prepared in P3-4B to the accounts.
3. Prepare an adjusted trial balance.
4. Prepare an income statement and a statement of shareholders' equity for the year ended December 31, 2012, and a classified balance sheet as of December 31, 2012. Assume that no common stock is issued during the year.
5. Record closing entries.
6. Post closing entries to the accounts.
7. Prepare a post-closing trial balance.

Transcribed Image Text:

Debits $ 17,000 14,000 22,000 18,000 85,000 Accounts Credits Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Pavable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue $ 27,000 11,000 30,000 25,000 9,000 2,000 220,000 Debits Credits Accounts Salaries Expense Depreciation Expense nsurance Expense 53,000 Utilities Expense Interest Expense 11,000 Totals $322,000 $322,000