A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2015. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance Adjusted Trial Balance $ 90,550 14,000 17,200 10,240 81,000 $ 90,550 18,500 3,500 3,760 81,000 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accum. Depreciation-Office equip. Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable Common stock Retained earnings Dividends Consulting fees earned Depreciation expense-Office equip. Salaries expense Interest expense Insurance expense Rent expense Office supplies expense Advertising expense $ 25,000 10,100 0 O 26,000 50,000 8,800 35,200 $ 32,000 14,000 2,500 9,000 17,000 50,000 8,800 35,200 10,000 10,000 164,000 177,500 0 67,590 1,300 0 14,820 0 12,400 7,000 76,590 3,800 6,480 14,820 13,700 16,300 Totals $ 319,100 $ 319,100 $ 346,000 $346,000 Required: 1. Analyze the differences between the unadjusted and adjusted trial balances to determine the adjustments that likely were made. Show the results of your analysis by entering these adjustment amounts in the cells provided. Account Adjustments Adjusted Trial Balance $ 90,550 Cash Accounts receivable 4,500 18,500 Unadjusted Trial Balance $ 90,550 14,000 17,200 10,240 81,000 $ 25,000 10,100 13,700 6,480 3,500 3,760 81,000 $ 32,000 7,000 3,900 14,000 0 2,500 2,500 0 9,000 9,000 9,000 26,000 50,000 17,000 50,000 8,800 8,800 35,200 35,200 Office supplies Prepaid insurance Office equipment Accumulated depreciationOffice equipment Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable Common stock Retained earnings Dividends Consulting fees earned Consulting fees earned (Unearned fees adjusted) Depreciation expense-Office equipment Salaries expense Interest expense Insurance expense Rent expense Office supplies expense Advertising expense Totals 10,000 10,000 164,000 0 177,500 13,500 0 7,000 7,000 9,000 76,590 67,590 1,300 2,000 3,800 0 6,480 6,480 14,820 14,820 0 12,400 319,100 13,700 3,900 53,580 13,700 16,300 346,000 $ $ 319,100 $ $ 58,080 $ $ 346,000 Problem 3-4A Part 2 2(a-1) Prepare JKL Company's income statement for the year ended July 31, 2015. JKL COMPANY Income Statement For Year Ended July 31, 2015 2a-2) Prepare JKL Company's statement of owner's equity for the year ended July 31, 2015. (Note: Retained Earnings at July 31, 2014, was 535,200, and the current-year dividends were $10,000.) JKL COMPANY Statement of Retained Earnings For Year Ended July 31, 2015 Retained earnings, July 31, 2014 Retained earnings, July 31, 2015 2(b) Prepare JKL Company's balance sheet as of July 31, 2015. JKL COMPANY Balance Sheet July 31, 2015
