Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Alpha Graphics Company was organized on January 1, 2017. At the end of the first 6 months of operations, the trial balance contained the accounts
Alpha Graphics Company was organized on January 1, 2017. At the end of the first 6 months of operations, the trial balance contained the accounts shown below.
8,582 14,360 44,944 2,700 Credits Notes Payable Accounts Payable Share Capital-Ordinary Service Revenue 19,200 9,110 22,007 58,603 Debits Cash Accounts Receivable Equipment Insurance Expense Salaries and Wages Expense Supplies Expense Advertising Expense Rent Expense Utilities Expense 29,586 3,690 1,752 1,573 1,733 108,920 108,920 Analysis reveals the following additional data. 1. 2. 3. 4. 5. The 3,690 balance in Supplies Expense represents supplies purchased in January. At June 30, 825 of supplies are on hand. The note payable was issued on February 1. It is a 9%, 6-month note. The balance in Insurance Expense is the premium on a 1-year policy, dated March 1, 2017. Service revenues are credited to revenue when received. At June 30, service revenue of 1,344 is still not performed for the customer. Depreciation is 2,420 per year. Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. June 30 2. June 30 3. June 30 4. June 30 5. June 30 Prepare an adjusted trial balance. ALPHA GRAPHICS COMPANY, SA Adjusted Trial Balance Debit Credit Prepare an income statement for the 6 months ended June 30. ALPHA GRAPHICS COMPANY, SA Income Statement Prepare an retained earning statement for the 6 months ended June 30. ALPHA GRAPHICS COMPANY, LTD. Retained Earnings Statement Prepare a statement of financial position at June 30. (List Current Assets in reverse order of liquidity.) ALPHA GRAPHICS COMPANY, LTD. Statement of Financial Position Assets Lililili Equity and LiabilitiesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started