Answered step by step
Verified Expert Solution
Question
1 Approved Answer
AS TABLES PLEASE (NOT HANDWRITTEN) P3-71B. (Learning Objectives 3, 4: Preparing an adjusted trial balance and the financial statements) Consider the unadjusted trial balance of
AS TABLES PLEASE (NOT HANDWRITTEN)
P3-71B. (Learning Objectives 3, 4: Preparing an adjusted trial balance and the financial statements) Consider the unadjusted trial balance of Glasgow, Inc., at August 31, 20X6, and the related month-end adjustment data. A1 Glasgow, Inc. Trial Balance Worksheet August 31, 20X6 Trial Balance Debit Credit 9,300 1,600 2,400 2,200 81,000 4,000 3,500 9 Account Cash 5 Accounts receivable 6 Prepaid rent 7 Supplies 8 Furniture Accumulated depreciation 10 Accounts payable 11 Salary payable 12 Share capital 13 Retained earnings 14 Di lends 15 Service revenue 16 Salary expense 17 Rent expense 18 Utilities expense 19 Depreciation expense 20 Supplies expense 21 Total 22 15,200 71,000 10,400 3,200 600 104,100 104,100 Adjustment data at August 31, 20X6, include the following: a. Accrued advertising revenue at August 31, 2,200 b. Prepaid rent expired during the month. The unadjusted prepaid balance of 2,400 relates to the period August 20X6 through October 20X6. c. Supplies used during August, 1,900 d. Depreciation on furniture for the month. The furniture's expected useful life is five years. e. Accrued salary expense at August 31 for Monday, Tuesday, and Wednesday. The five- day weekly payroll is 5,500 and will be paid on Friday. Requirements: 1- Journalize the Adjusting entries 2- Prepare the adjusted trial balance 3- Prepare the 3 financial statements of Glasgow, INC (Income statement, Statement of changes in equity, balance sheet)Step 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