The unadjusted trial balance of Farish Investment Advisers at December 31, 2024, follows:

Adjustment data at December 31, 2024: 

a. Unearned Revenue earned during the year, $800. 

b. Office Supplies on hand, $4,500. 

c. Depreciation for the year, $4,500. 

d. Accrued Salaries Expense, $5,000. 

e. Accrued Service Revenue, $6,500. 

Requirements 

1. Prepare a worksheet for Farish Investment Advisers at December 31, 2024. 

2. Prepare the income statement, the statement of owner’s equity and the classified balance sheet in account format. 

3. Prepare closing entries.

Transcribed Image Text:

Account Title Cash FARISH INVESTMENT ADVISERS Unadjusted Trial Balance December 31, 2024 Accounts Receivable Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Farish, Capital Farish, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Rent Expense Depreciation Expense-Equipment Total Balance Debit $ 30,000 51,000 7,000 28,000 29,000 2,500 40,000 5,500 5,000 $ 198,000 Credit $ 9,000 13,000 5,500 21,000 56,500 93,000 $ 198,000