Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you make the adjusted trial balance, income statement, statement of owner's equity, balance sheet for this question. thank you. Prepare adjusted trial balance and

image text in transcribed

can you make the adjusted trial balance, income statement, statement of owner's equity, balance sheet for this question. thank you.

Prepare adjusted trial balance and financial statements. P2 Fraser Valley Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, August 31, 2021: Accounts payable $ 2.800 Insurance expense $ 1,100 Accounts receivable 18.225 Interest expense 1,500 Accumulated depreciation - Equipment 5.905 Interest payable 1,500 Bank loan payable, due 2024 25,000 Prepaid insurance 3,450 Cash 11.430 Rent expense 15,000 Common shares 5.000 Rent payable 1,250 2.275 Depreciation expense Retained earnings 5,400 700 Deferred revenue 19,200 Salaries expense 600 Dividends declared Salaries payable 2,200 Name: Service revenue 54,275 3,400 Equipment Income tax expense Income tax payable 25,600 2,000 1,500 Supplies Supplies expense 1,750 Instructions Prepare (a) adjusted trial balance. (b) income statement, (C) statement of owners' equity, and (d) balance sheet. Note: use templates where needed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Morse Hartgraves

8th Edition

1618532359, 9781618532350

Students also viewed these Accounting questions