Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. There is also an Excel Template for this problem that you may download and use (or you may use your own). Walton Anvils Unadjusted Trial Balance December 31, 2016 Balance Account Title Debt Credit Cash $ 16,900.00 Accounts Receivable 17,500 Prepaid Rent 2,500 Office Supplies 1,900 Equipment 23,000 Accumulated Depreciation Equipment $ 7,000.00 Accounts Payable Salaries Payable 6,200.00 Unearned Revenue Common Stock 5,600.00 28,000.00 Retained Earnings 1,600.00 Dividends 4,500 Service Revenue 20,800.00 Salaries Expense 2,900 Salaries Expense Depreciation Expense - Equipment Rent Expense Supplies Expense Total Adjustment Data 2,900 $ 69,200.00 69,200.00 a. Unearned revenue still unearned at December 31, 2016 $1,800 b. Prepaid rent still in force at December 31, 2016 $2,300 c. Office supplies used d. Depreciation $1,400 $380 e. Accrued Salaries Expense at December 31, 2016 $210 Requirements 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. Requirements 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. A 1 2 3 4 5 Account Title 6 Cash 7 Accounts Receivable 8 Prepaid Rent 9 Office Supplies 10 Equipment Walton Anviles UnAdjusted Trial Balance December 31, 2016 11 Accumulated Depreciation - Equipment 12 Accounts Payable 13 Salaries Payable B C D E Balance Debt Credit $ 16,900.00 17,500 2,500 1,900 23,000 $ 7,000.00 6,200.00 14 Unearned Revenue 15 Common Stock 16 Retained Earnings 17 Dividends 18 Service Revenue 19 Salaries Expense 20 Rent Expense 21 Depreciation Expense Equipment 22 Supplies Expense 23 Total 5,600.00 28,000.00 1,600.00 4,500 20,800.00 2,900 $ 69,200.00 $ 69,200.00 24 25 Given -UnAdjusted Trial Balance Adjustment Data Req 1 Req 2 R Ready 51F