ACCT 100 - Homework Chapter 5 Complete the following on the forms provided: The T-Accounts (Ledger) for Innovative Designs are provided. The End-of-the-year adjustments are as follows: a. The supplies were purchased on January 1,20X1; as of January 31,201, $1,600 of the supplies were left. b. The prepaid advertising contract was signed on January 1,201, and covers a 4-month period. c. Five months of rent was paid in advance January 1,20X1. d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value and was purchased 1/2/X1. Instructions: 1. Record the adjusting entries (as detailed above in a-d) in the journal as of January 31,201 2. Post the adjusting entries to the T-Accounts 3. Prepare the Adjusted Trial Balance for Innovative Designs for January 31,201. 4 Prepare the Income Statement, Statement of Owner's Equity, and the Balance Sheet for the month ended January 31,201. Innovative Designs T-Accounts For the Month Year January 31, 20X1 Accounts Receivable 13,600 Prepaid Advertising 12,400 Prepaid Rent 25,200 Equipment 33,600 Accumulated Depreciation - Equipment Accounts Payable 16,550 Angela Mosiey, Capital 61,000 Angela Mosley, Drawing 8,000 Fees income Advertising Expense Depreciation Expense - Equipment Rent Expense Salaries Expense 10,700 Supplies Expense Innovative Designs Balance Sheet January 31. 20X1 Innovative Designs Trial Balance January 31,201 Name: Innovative Designs Statement of Owner's Equity For the month ended January 31, 20X1 Innovative Designs Adjusted Trial Balance January 31,201 Name: Innovative Designs Income Statement For the month ended January 31,201 Revenue: Expenses: \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} ACCT 100 - Homework Chapter 5 Complete the following on the forms provided: The T-Accounts (Ledger) for Innovative Designs are provided. The End-of-the-year adjustments are as follows: a. The supplies were purchased on January 1,20X1; as of January 31,201, $1,600 of the supplies were left. b. The prepaid advertising contract was signed on January 1,201, and covers a 4-month period. c. Five months of rent was paid in advance January 1,20X1. d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value and was purchased 1/2/X1. Instructions: 1. Record the adjusting entries (as detailed above in a-d) in the journal as of January 31,201 2. Post the adjusting entries to the T-Accounts 3. Prepare the Adjusted Trial Balance for Innovative Designs for January 31,201. 4 Prepare the Income Statement, Statement of Owner's Equity, and the Balance Sheet for the month ended January 31,201. Innovative Designs T-Accounts For the Month Year January 31, 20X1 Accounts Receivable 13,600 Prepaid Advertising 12,400 Prepaid Rent 25,200 Equipment 33,600 Accumulated Depreciation - Equipment Accounts Payable 16,550 Angela Mosiey, Capital 61,000 Angela Mosley, Drawing 8,000 Fees income Advertising Expense Depreciation Expense - Equipment Rent Expense Salaries Expense 10,700 Supplies Expense Innovative Designs Balance Sheet January 31. 20X1 Innovative Designs Trial Balance January 31,201 Name: Innovative Designs Statement of Owner's Equity For the month ended January 31, 20X1 Innovative Designs Adjusted Trial Balance January 31,201 Name: Innovative Designs Income Statement For the month ended January 31,201 Revenue: Expenses: \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular}