Comprehensive Problem (Trial Balances) Name: 3. Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Advertising Expense Payable Notes Payable Interest Payable Income Tax Payable Salaries and Wages Payable Unearned Service Revenue Utilities Expense Payable Common Stock Retained Earnings Dividends Service Revenue Supplies Expense Elizabeth River Business Consultants Unadjusted Trial Balance August 31, 2020 Class: Depreciation Expense Insurance Expense Salaries and Wages Expense Advertising Expense Income Tax Expense Interest Expense Rent Expense Utilities Expense Part Debit Balances 1, 2, 3 Credit Balances

Name: Class. 1,2,3 Elizabeth River Business Consultants Unadjusted Trial Balance August 31, 2020 Elizabeth River Business Consultants Adjusted Trial Balance August 31, 2020 Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Advertising Expense Payable Notes Payable Interest Payable Income Tax Payable Salaries and Wages Payable Unearned Service Revenue Utilities Expense Payable Common Stock Retained Earnings Dividends Service Revenue Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Advertising Expense Income Tax Expense Interest Expense Rent Expense Utilities Expense \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{c} Elizabeth River Business Consultants \\ Post-Closing Trial Balance \\ August 31,2020 \end{tabular}} \\ \hline \multirow{2}{*}{\multicolumn{3}{|c|}{\begin{tabular}{l} Cash \\ Accounts Receivable \end{tabular}}} \\ \hline & & \\ \hline Accounts Receivable & & \\ \hline Supplies & & \\ \hline Prepaid Insurance & & \\ \hline Prepaid Rent & & \\ \hline Equipment & & \\ \hline Accumulated Depreciation & & \\ \hline Advertising Expense Payable & & \\ \hline Notes Payable & & \\ \hline Interest Payable & & \\ \hline Income Tax Payable & & \\ \hline Salaries and Wages Payable & & \\ \hline Unearned Service Revenue & & \\ \hline Utilities Expense Payable & & \\ \hline Common Stock & & \\ \hline Retained Earnings & & \\ \hline & & \\ \hline \end{tabular} Comprehensive Problem On July 31, 2020, the end of its most recent fiscal year, Elizalseth River Business Constaltants' postclosing trial balance was as follows: The company engaged in the following transactions during August 2020, and adjusts its accounts monthly Adjustment data: 1 Adjustment of prepaid insurance for the expired portion 2. Adjustment of prepaid rent for the expired portion. 3. Supplies used during the month were $6,250. 4. Depreciate Equipment for the month of August. 5. Accruat of interest on the note payable: (Hint Principal x Rate x Time to compute interest) 6. Salanes for the second half of August accrued $55,000, to be paid on September 1 . 7. Estimated utility expense for August accrued, 54,000 (invoice will be received next month). 8. Income tax expense for August, $6,000, will be paid in September. The chart of accounts for Flizabeth River Business Consultants contains the following accounts. Required: Part 1: Enter the August 1 balances in the ledger accounts; journalize the August transactions and events, post the journals into ledger accounts, and prepare an unadjusted trial balance at August 31 Part 2. Journalize and post the adjusting entries for the month ending August 31. Also, prepare an adjusted trial balance (use Worksheet to populate the adjustments). Part 3: Use the Work Sheet prepared in Part 2 to the extend to Income Statement and Balance Sheet and prepare an appropriately formatted income statement, retained earnings statement, and a classified Balance Sheet at August 31. Also, journalize and post-closing entries and complete the closing process and prepare a post-closing trial balance on August 31 . Part 4: Prepare a Statement of Cash Flows for August from the other financial statements prepared in Part 3