1. Adjusting entries. The unadjusted trial balance for GLP Corporation appears below.. End-of-period analysis revealed the following:

a.The market value of equipment had decreased by 30 percent of its original cost. Depreciation for the quarter totaled $1,000.

b.The note payable ( payable to Lending Sharks, Inc.) was signed on 1 August 20x4. Its interest rate was 10 percent, and no interest had been recorded since the signing.

c.Unpaid employee wages at 30 September totaled $1,000.

d.Deferred fees represented a consulting contract (with Good Guys Inc. ) signed at the beginning of September. The contracts duration is three months, and the work is spread evenly throughout the contract period.

e.Supplies on hand totaled $150.

f.The market value of capital stock had increased by 15 percent.

g.Actual bad debt write-offs during September were $300; 1 percent of sales will likely become uncollectible in the coming period.

Note: Accounts Receivable consists of amounts due from clients as follows: H. Willmont $2,200 and L. Glack. $300

Accounts Payable consists of amounts due to vendors as follows: S. Smith $5,000; Y. Curtis $350 and B. Young $4,650.

1. Adjusting entries. The unadjusted trial balance for GLP Corporation appears below.. End-of-period analysis revealed the following:

a.The market value of equipment had decreased by 30 percent of its original cost. Depreciation for the quarter totaled $1,000.

b.The note payable ( payable to Lending Sharks, Inc.) was signed on 1 August 20x4. Its interest rate was 10 percent, and no interest had been recorded since the signing.

c.Unpaid employee wages at 30 September totaled $1,000.

d.Deferred fees represented a consulting contract (with Good Guys Inc. ) signed at the beginning of September. The contracts duration is three months, and the work is spread evenly throughout the contract period.

e.Supplies on hand totaled $150.

f.The market value of capital stock had increased by 15 percent.

g.Actual bad debt write-offs during September were $300; 1 percent of sales will likely become uncollectible in the coming period.

Note: Accounts Receivable consists of amounts due from clients as follows: H. Willmont $2,200 and L. Glack. $300

Accounts Payable consists of amounts due to vendors as follows: S. Smith $5,000; Y. Curtis $350 and B. Young $4,650.

Prepare the required adjusting entries based on the preceding information.

2. Adjusted Trial Balance & Chart of Accounts. Prepare an adjusted trial balance. Also, assign a number to each account.

3.Financial statements. Use the adjusted trial balance from Problem 7 to prepare an income statement for the quarter ended 30 September 20x4 and a balance sheet as of 30 September 20x4 for YourName_GLP Corporation.

GLP CORPORATION Trial Balance 0 September 2014 6,000 Accounts receirable Allowance for bad debts 5 200 15,000 payable payable 1,200 tock 7,000 paid- capital eaning of goods sold Adtertising expense Wages expense Miscellaneous expense Totals 60,300