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Comprehensive Problem 40 points Jack and Iill have just started their junior year at the University of Delaware. This past summer; they started a corporation,

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Comprehensive Problem 40 points Jack and Iill have just started their junior year at the University of Delaware. This past summer; they started a corporation, Blue Hen Wallpapering and Painting, Inc., which did remarkably well. Having taken Accounting 207 last semester, they are keeping the accounting records of the company. Prior to startng back to school, Dora had completed the trial balance for the month ending 3 1 August. No adjusting entries have been recorded. The following is Dora's trial balance for Blue Hen Wallpapering and Painting plus additional information you will need to do the company's adjusting entries and nancial statements. Blue Hen Wallpapering 8' Painting, Inc. Trial Balance August 3 1, 201 1 Account Cash 3670 Supplies 200 Prepaid Insurance 2000 Prepaid Rent 5000 Equipment 4800 Accumulated Depreciation Equipment 160 Accounts Payable 1 10 Unearned Revenue 750 Dividends Payable 2000 Notes Payable 2000 Common Stock 1500 Retained Earnings 3650 Dividends 2000 Service Revenue 8700 Wages Expense 1200 Total 18870 18870

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