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Financial Information for West Company, prior to any required adjustments, is presented below. WEST COMPANY Trial Balance 31-Jul-22 Accounts Cash Accounts Receivable Depreciation Expense
Financial Information for West Company, prior to any required adjustments, is presented below. WEST COMPANY Trial Balance 31-Jul-22 Accounts Cash Accounts Receivable Depreciation Expense Salaries and Wages Expense Utilities Expense Dividends Equipment Accumulated Depreciatio-Equip. Accounts Payable Unearned Rent Revenue (short-term) Common Stock Retained Earnings (beg of year) Service Revenue Rent Revenue Other data: West made an error during the fiscal year 2022 when they debited Depreciation Expense for $5,000 instead of Equipment for a cash purchase of equipment. West failed to accrue $10,000 in Revenue for services performed prior to July 31, 2022 Unearned Rent Revenue (short-term) at July 31, 2022 amounted to $1,000 Required: Prepare a worksheet with any required adjusting/correcting entries (6) Prepare an income statement for the year, in good form (7) Prepare a statement of retained earnings for the year, in good form (4) Prepare a classified balance sheet at July 31, in good form (7) Debits Credits 28,000 19,000 20,000 80,000 10,000 27,000 46,000 20,000 5,500 2,000 62,000 40,500 79,000 21,000 230,000 230,000
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