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At the end of its first quarter of operations, Margaret Floral Way has the following unadjusted trial balance. 1. Insurance expires at the rate of
At the end of its first quarter of operations, Margaret Floral Way has the following unadjusted trial balance. 1. Insurance expires at the rate of $200 per month. 2. $1,000 of supplies are on hand at February 29,2016. 3. Monthly depreciation on the equipment is $900. 4. Interest of $500 on the notes payable has accrued during February. INSTRUCCIONES: 1. Prepare a work sheet, pass the trial balance to the work sheet. 2. journal and enter the information into the work sheet. 3. Prepare the adjusted trial balance. 4. Complete the work sheet (income statement y balance sheet), determine the net income or loss. 5. Prepare: income statement, statement of owner's equity and the classified balance sheet. 6. Journal the closing entries. 7. Prepare a post-closing trial balance. Margaret Floral Way Post Closing Trial Balance date
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