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c and d Part please Prepare the following requirements in hand written format. Scan and upload to Blackboard. c. Prepare the financial statements from the
c and d Part please
Prepare the following requirements in hand written format. Scan and upload to Blackboard. c. Prepare the financial statements from the adjusted trial balance for Garvey Company. The financial statements should be in good form (titles, columns, classifications, dollar signs underlines and full names) d. Prepare the closing entries and a post closing trial balance Cate the Garvey Company's unadjusted trial balance includes the following account balances as of December 31, 2020: Credits Debits $ 71,950 128,300 1,700 152,600 9,700 56,000 305,800 Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Notes Receivable (Short-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Notes Payable (long-term) Common Shares Retained Earnings Service Revenue Interest Revenue Supplies Expense Repair and Maintenance Expense Rent Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Totals $ 70,950 114,100 23,600 11,200 95,400 238,100 157,500 44,500 23,900 29,400 19,800 4,000 $779,250 $779,250 The following data are available to determine adjusting entries: A) Insurance purchased at the beginning of July for $9,700 provided coverage for twelve months (July 2020 through June 2021). The insurance coverage for July through December totaling $1850 has now been used B) The company estimates $9,150 in depreciation each year, C) A count showed $95,700 of supplies on hand at the end of the year. D) An additional $460 of interest has been earned but has not yet collected on the outstanding notes receivable. E) Services in the amount of $6,600 were performed for customers who had previously paid in advance F) Services in the amount of $4,000 were performed; these services have not yet been billed or recorded Step by Step Solution
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