Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Great Adventures, Inc. began their business on July 1, 2021. Using the adjusted trial balance below, prepare in good form, using the templates provided, or

image text in transcribed
image text in transcribed
Great Adventures, Inc. began their business on July 1, 2021. Using the adjusted trial balance below, prepare in good form, using the templates provided, or plain paper 1. An Income Statement for the period July 1 to December 31, 2021 2. A Statement of Retained Earnings for the period July 1 to December 31, 2021 3. A Classified Balance Sheet for December 31, 2021 NOTE The Adjusted Til Balance in in alphabetient order, NOT the order the accounts should uppear on the financial statements you will prepare. You must determine the correct statement where each account will appear. Great Adventures, Inc. Adjusted Trial Balance December 31, 2021 Accounts Debit Credit Accounts Payable 2,800 Accumulated Depreciation 8,000 Advertising Expense 1,000 Cash 64,200 Common Stock 20,000 Depreciation Expense 8,000 Dividends 4,000 40.000 Equipment Insurance Expense 2.400 Interest Expense 750 Interest Payable 750 Legal Fees Expense 1,500 Miscellaneous Expense 1,200 Notes Payable 30,000 Prepaid Insurance 2,400 Prepaid Rent 1,600 Rent Expense 800 Salaries Expense 2.000 Service Revenue 72,900 500 Supplies (Office) Supplies Expense (Once) 4.100 Totals $134450 S134.450

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economic Development Finance

Authors: Karl F Seidman

1st Edition

0761927093, 9780761927099

More Books

Students also viewed these Accounting questions

Question

What is a make-or-buy decision?

Answered: 1 week ago

Question

How would you describe Mark Zuckerberg as a team leader?

Answered: 1 week ago