Concord Corporation was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown as follows. Adjusted Dr. Cr. $ 8,700 11,400 600 1,200 18,500 Concord Corporation Trial Balance September 30, 2020 Unadjusted Dr. Cr. Cash $ 8,700 Accounts Receivable 10,300 Supplies 1,450 Prepaid Rent 2,250 Equipment 18,500 Accumulated Depreciation Equipment $ 0 Notes Payable 9,900 Accounts Payable 2,450 Salaries and Wages Payable 0 Interest Payable 0 Unearned Rent Revenue 1,850 Common Stock 21,600 Dividends 1,550 Service Revenue 16,740 Rent Revenue 1,440 Salaries and Wages Expense 7,900 Rent Expense 1,850 Depreciation Expense Supplies Expense Utilities Expense 1,480 Interest Expense $ 700 9,900 2,450 740 99 1,050 21,600 1,550 17,840 2,240 8,640 2,900 700 850 1,480 99 $ 53,980 $ 53,980 $ 56,619 $ 56,619 Journalize the adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Sept. 30 (To record accrued revenue.) Sept. 30 (To record prepaid rent.) Sept. 30 (To record supplies used.) Sept. 30 (To record depreciation.) Sept. 30 (To record interest.) Sept. 30 (To record unearned rent revenue.) (To record unearned rent revenue.) Sept. 30 (To record accrued salaries.) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare an income statement for the 3 months ending September 30. Concord Corporation Income Statement + $ + Prepare an income statement for the 3 months ending September 30. Concord Corporation Income Statement + $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare a retained earnings statement for the 3 months ending September 30. (List items that increase retained earnings first.) Concord Corporation Retained Earnings Statement + + SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare a balance sheet at September 30. (List Assets in order of liquidity.) Concord Corporation Balance Sheet Assets Prepare a balance sheet at September 30. (List Assets in order of liquidity.) Concord Corporation Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ Liabilities and Stockholders' Equity $ + $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM If the note bears interest at 12%, how many months has it been outstanding? Concord Corporation was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown as follows. Adjusted Dr. Cr. $ 8,700 11,400 600 1,200 18,500 Concord Corporation Trial Balance September 30, 2020 Unadjusted Dr. Cr. Cash $ 8,700 Accounts Receivable 10,300 Supplies 1,450 Prepaid Rent 2,250 Equipment 18,500 Accumulated Depreciation Equipment $ 0 Notes Payable 9,900 Accounts Payable 2,450 Salaries and Wages Payable 0 Interest Payable 0 Unearned Rent Revenue 1,850 Common Stock 21,600 Dividends 1,550 Service Revenue 16,740 Rent Revenue 1,440 Salaries and Wages Expense 7,900 Rent Expense 1,850 Depreciation Expense Supplies Expense Utilities Expense 1,480 Interest Expense $ 700 9,900 2,450 740 99 1,050 21,600 1,550 17,840 2,240 8,640 2,900 700 850 1,480 99 $ 53,980 $ 53,980 $ 56,619 $ 56,619 Journalize the adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Sept. 30 (To record accrued revenue.) Sept. 30 (To record prepaid rent.) Sept. 30 (To record supplies used.) Sept. 30 (To record depreciation.) Sept. 30 (To record interest.) Sept. 30 (To record unearned rent revenue.) (To record unearned rent revenue.) Sept. 30 (To record accrued salaries.) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare an income statement for the 3 months ending September 30. Concord Corporation Income Statement + $ + Prepare an income statement for the 3 months ending September 30. Concord Corporation Income Statement + $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare a retained earnings statement for the 3 months ending September 30. (List items that increase retained earnings first.) Concord Corporation Retained Earnings Statement + + SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare a balance sheet at September 30. (List Assets in order of liquidity.) Concord Corporation Balance Sheet Assets Prepare a balance sheet at September 30. (List Assets in order of liquidity.) Concord Corporation Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ Liabilities and Stockholders' Equity $ + $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM If the note bears interest at 12%, how many months has it been outstanding