E3-14 The adjusted trial balance for Turnquist Company is given in E3-13.

Instructions

Prepare the income and owner's equity statements for the year and the balance sheet at August 31.

Record transactions on accrual basis; convert revenue to cash receipts.

l 7720 1,000 Salaries and Wages Expense Service Revenue 1,200 1,200 7/15 7/31 7/31 2,000 1,150 Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: July transactions were for cash.) 3 The trial balances before and after adjustment for Turnquist Company at the end E3-1 of its fiscal year are presented below. Prepar analys LO 2, TURNQUIST COMPANY Trial Balance August 31, 2017 Before Adjustment After Adjustment Dr. Cr. Dr. Cr Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense $10,400 8,800 2,300 4,000 14,000 $10,400 11,400 900 2,500 14,000 S 3,600 1,500 15,600 34,000 11,000 4,500 5,800 1,100 400 15,600 36,600 12,100 17,000 18,100 1,400 15,000 1,500 900 15,000 $71,500 $71,500 $76,100 $76,100 Instructions Prepare the adjusting entries that were made