accounting 207

SRS Consulting Services has given you the month end trial balance for September 30, 2012. a. An inventory of supplies shows $650 on hand at 9/30/12 The insurance policy was purchased on July 1 for $3,600. The policy's term is one year. The insurance expired ("used up") for September has not been recorded. Depreciation on equipment for the month. $ 1500. Unearned Revenue earned during September, $900. SRS's Note Payable is due in full on August 31,2013. The interest accrued for September is $300 and is payable on October 4. f. SRS pays its employees biweekly. The last paycheck received by its employees was on September 25,h. Salaries accrued to September 30"1 are $540. Corporate income tax for the month of September is estimated to be $1,000. Prepare an income Statement for the month of September in proper form. (Don't forget the proper date). Prepare a Statement of Retained Earning in proper form with proper dating. Prepare a classified Balance Sheet in proper form with proper dating. You will be graded on your financial statements only. In order to construct your statements, however, you will need to do adjusting journal entries and/or post to "T" accounts in the general ledger