ACCOUNTING
Blossom Co. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. BLOSSOM CO. Trial Balance September 30, 2020 Unadjusted Adjusted Dr. Cr. Dr Cr. Cash $ 8,600 $ 8,600 Accounts Receivable 10,300 11,400 Supplies 1,450 600 Prepaid Rent 2,150 1,150 Equipment 18,000 18,000 Accumulated Depreciation-Equipment $ 0 $ 650 Notes Payable 9,000 9,000 Accounts Payable 2,450 2,450 Salaries and Wages Payable 0 700 Interest Payable 0 90 Unearned Rent Revenue 1,850 1,000 Owner's Capital 21,500 21,500 Owner's Drawings 1,550 1,550 Service Revenue 16,700 17,800 Rent Revenue 1,360 2,210 Salaries and Wages Expense 7,500 8,200 Rent Expense 1,850 2,850Prepaid Rent 2,150 1,150 Equipment 18,000 18,000 Accumulated Depreciation-Equipment $ 0 $ 650 Notes Payable 9,000 9,000 Accounts Payable 2,450 2,450 Salaries and Wages Payable 0 700 Interest Payable 0 90 Unearned Rent Revenue 1,850 1,000 Owner's Capital 21,500 21,500 Owner's Drawings 1,550 1,550 Service Revenue 16,700 17,800 Rent Revenue 1,360 2,210 Salaries and Wages Expense 7,500 8,200 Rent Expense 1,850 2,850 Depreciation Expense 650 Supplies Expense 850 Utilities Expense 1,460 1,460 Interest Expense 90 $ 52,860 $ 52,860 $ 55,400 $ 55,400Journalize the adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Sept. 30 Accounts Receivable 1100 Service Revenue 1100 (To record revenue for services performed) Sept. 30 Rent Expense 1000 Prepaid Rent 1000 (To record prepaid rent) Sept. 30 Supplies Expense 850 Supplies 850 (To record supplies used) Sept. 30 Depreciation Expense 650 Accumulated Depreciation-Equipment 650 (To record monthly depreciation) V Sept. 30 Interest Expense 90(To record monthly depreciation) Sept. 30 Interest Expense 90 Interest Payable 90 (To record interest on notes payable) Sept. 30 Unearned Rent Revenue 850 Rent Revenue 850 (To record rent earned) Sept. 30 Salaries and Wages Expense 700 Salaries and Wages Payable 700 (To record accrued salaries and wages) Show Work is REQUIRED for this question: Open Show WorkPrepare an income statement for the 3 months ending September 30, 2020. BLOSSOM CO. Income Statement For the Quarter Ended September 30, 2020 v Revenues Service Revenue 17800 v Rent Revenue 2210 v Total Revenues 20010 Expenses Salaries and Wages Expense 8200 Rent Expense 2850 Depreciation Expense 650 Supplies Expense 850 V Utilities Expense 1460 vTotal Revenues 20010 Expenses Salaries and Wages Expense 8200 Rent Expense 2850 Depreciation Expense 650 Supplies Expense 850 Utilities Expense 1460 Interest Expense 90 Total Expenses 14100 Net Income / (Loss) 5910 Show Work is REQUIRED for this question: Open Show WorkYour answer is partially correct. Try again. Prepare a statement of owner's equity for the 3 months ending September 30, 2020. (List items that increase owner's equity first.) BLOSSOM CO. x Owner's Equity Statement For the Year Ended September 30, 2020 x Owner's Capital, July 1 21500 x X Net Income / (Loss) 5910 X x x Less v Drawings 1550 7460 x 14040 X x Add v Expenses 14100 x Owner's Capital, September 30 v 28140 Show Work is REQUIRED for this question: Open Show Work
