Question
Consider the unadjusted trial balance of Riverdale Company at June 30, 2016, and the related month-end adjustment data. Riverdale Company Trial Balance 30-Jun-16 Balance Debit
Consider the unadjusted trial balance of Riverdale Company at June 30, 2016, and the related month-end adjustment data.
Riverdale Company | ||
Trial Balance | ||
30-Jun-16 | ||
| Balance | |
| Debit | Credit |
|
|
|
Cash | 6,900 |
|
Accounts receivable | 1,100 |
|
Prepaid rent | 3,500 |
|
Supplies | 1,100 |
|
Motor Vehicle | 77,000 |
|
Accumulated depreciation |
| 3,400 |
Accounts payable |
| 3,300 |
Salary payable |
|
|
Riverdale, capital |
| 80,000 |
Riverdale, drawing | 4,400 |
|
Service revenue |
| 9,600 |
Salary expense | 1,500 |
|
Rent expense |
|
|
Fuel expense | 800 |
|
Depreciation expense |
|
|
Supplies expense |
|
|
| 96,300 | 96,300 |
Adjustment data at June 30 follow:
- Accrued service revenue at June 30, $1,500
- $700 of the prepaid rent expired during the month.
- Supplies on hand at June 30, $700
- Depreciation on motor vehicle for the month, $1,400.
- Accrued salary expense at June 30, $300
Requirement:
- From the information presented, prepare the adjusting entries for items 1-5 above and then prepare the companys adjusted trial balance as at June 30, 2016
- Prepare the income statement for the year ended June 30, 2016
- Prepare the owners equity statement for June 30, 2016
- Prepare the balance sheet as at June 30,2016
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