Adjustment Data

a. Unearned revenue still unearned at December 31, 2016$1,800b. Prepaid rent still in force at December 31, 2016$2,300c. Office supplies used$1,400d. Depreciation$380e. Accrued Salaries Expense at December 31, 2016$210Requirements

1. Open T-accounts using the balances in the unadjusted trial balance.
2. Complete the worksheet for the year ended December 31, 2016.
3. Prepare the adjusting entries and post to the T-accounts.
4. Prepare the adjusted trial balance.
5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
6. Prepare the closing entries and post to the T-accounts.
7. Prepare a post-closing trial balance.
8. Calculate the current ratio for the company.

Walton Anviles UnAdjusted Trial Balance December 31, 2016 Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense - Equipment Supplies Expense Total Balance Debt Credit $ 16,900.00 17,500 2,500 1,900 23,000 $ 7,000.00 6,200.00 5,600.00 28,000.00 1,600.00 4,500 20,800.00 2,900 $ 69,200.00 $ 69,200.00 a. b. c. d. e. Unearned revenue still unearned at December 31 Prepaid rent still in force at December 31 Office supplies used Depreciation Accrued Salaries Expense at December 31 $1,800 $2,300 $1,400 $380 $210 Cash Accounts Payable Accounts Receivable Salaries Payable Prepaid Rent Unearned Revenue Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Salaries Payable Retained Earnings Unearned Revenue Dividends Income Summary Service Revenue Salaries Expense Rent Expense Depreciation Expense Equipment Supplies Expense Account Names Walton Anvils Worksheet December 31, 2016 Adjustments Unadjusted Trial Balance Debit Credit Debit Credit vils et 2016 Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Journal Date Accounts and explanation Posting Ref. Debit Credit Cash Accounts Payable Accounts Receivable Salaries Payable Prepaid Rent Unearned Revenue Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Salaries Payable Retained Earnings Unearned Revenue Dividends Income Summary Service Revenue Salaries Expense Rent Expense Depreciation Expense Equipment Supplies Expense Walton Anvils Adjusted Trial Balance December 31, 2016 Account Title Total Debt Balance Credit Walton Anvils Income Statement Year Ended December 31, 2016 Revenue Expenses Total Expense Net Income Walton Anvils Statement of Retained Earnings Year Ended December 31, 2016 Retained earnings, January 1, 2016 Net Income Walt Balan Decemb A Current assets: Dividends Retained earnings, December 31, 2016 Total current assets Plant Assets: Total plant assets Total Assets Lia Current liabilities: Total current liabilites Total Liabilities Stockho Total stockholders equity Total Libiliaties and Stockholders Equity Walton Anvils Balance Sheet December 31, 2016 Assets Liabilities Stockholders' Equity holders equity and Stockholders Equity Date Journal Accounts and explanation Debit Credit Cash Accounts Payable Accounts Receivable Salaries Payable Prepaid Rent Unearned Revenue Office Supplies Equipment Accumulated Depreciation - Common Stock Retained Earnings Dividends Income Summary Service Revenue Salaries Expense Rent Expense Depreciation Expense Equipment Supplies Expense Walton Anvils Post-Closing Trial Balance December 31, 2016 Account Title Total Debt Balance Credit Current Ratio = Total Current Assets / Total Current Liabilities Total Current Assets Total Current Liabilities