The unadjusted T-accounts of Lou Wilson, Psychologist, Professional Corporation (P.C.), at December \(31,19 \mathrm{X} 2\), and the related year-end adjustment data follow:

Adjustment data at December 31, 19X2, include:

a. Unearned service revenue earned during the year, \(\$ 5,000\).

b. Supplies on hand, \(\$ 1,000\).

c. Depreciation for the year, \(\$ 9,000\).

d. Accrued salary expense, \(\$ 1,000\).

e. Accrued service revenue, \(\$ 2000\).
\section*{Required}
1. Write the trial balance on a work sheet, and complete the work sheet. Key each adjusting entry by the letter corresponding to the data given.
2. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format.
3. Journalize the adjusting and closing entries.

Transcribed Image Text:

Bal. 5,000 Cash Accumulated Depreciation Note Payable, Long-Term Accounts Receivable Bal. 36,000 Accounts Payable Supplies Equipment Bal. 9,000 Bal. 99,000 Salary Payable Bal. 36,000 Bal. 6,000 Unearned Service Revenue Bal. 5,000 Common Stock Retained Earnings Dividends Bal. 60,000 Bal. 5,000 Bal. 21,000 Bal. 62,000 Service Revenue Salary Expense Supplies Expense Bal. 159,000 Bal. 53,000 Depreciation Expense Interest Expense Rent Expense Insurance Expense Bal. 6,000 Bal. 15,000 Bal. 7,000