Completing the Accounting Cycle 233 P4-32A Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet The anated trial balance of Walton Anvils at December 31, 2018, and the data for the adjustments follow Learning Objectives 1, 2, 3, 4. 5. 6 5. Net Income $18,890 WALTON ANVILS Unadjusted Trial Balance December 31, 2018 Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation-Equipment Balance Debit Credit $13,480 14,500 2.320 1,700 23.000 $1,000 7,100 Accounts Payable Salaries Payable Unearned Revenue 6,000 Common Stock 24,000 Retained Earnings 4,500 Dividends 4,600 Service Revenue 19,500 Salaries Expense 2,500 Rent Expense Depreciation Expense-Equipment Supplies Expense Total I $62,100 $62,100 Adjustment data a. Unearned Revenue still unearned at December 31, $1,800. b. Prepaid Rent still in force at December 31, $2,100 c. Office Supplies used, $1,500. d. Depreciation, $390 e. Accrued Salaries Expense at December 31, $200, Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance. 2. Complete the worksheet for the year ended December 31, 2018 (optional). 3. Prepare the adjusting entries, and post to the accounts 4. Prepare an adjusted trial balance 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. CHAPTER 4