i Data Table Fratner Investment Advisers Unadjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash 33,000 Accounts Receivable 42,000 Office Supplies 4,000 25,000 Equipment Accumulated Depreciation-Equipment Accounts Payable 16,000 15,000 Salaries Payable 0 Unearned Revenue 1,000 18,000 Notes Payable (long-term) Fratner, Capital 45,000 Fratner, Withdrawals 33,000 Service Revenue 95,000 Insurance Expense 2,000 Salaries Expense 32,000 Supplies Expense 0 Interest Expense 7,000 Rent Expense 12,000 Print Done X 1 1 More Info a. b. c. Unearned Revenue earned during the year, $200. Office Supplies on hand, $2,000. Depreciation for the year, $6,000. Accrued Salaries Expense, $6,000. Accrued Service Revenue, $9,000. d. e. Print Done The unadjusted trial balance of Fratner Investment Advisers at December 31, 2024, follows: (Click the icon to view the unadjusted trial balance.) Adjustment data at December 31, 2024: Click the icon to view the adjustments.) Read the requirements. Requirement 1. Prepare a worksheet for Fratner Investment Advisers at December 31, 2024. The unadjusted balances have been entered for you in the trial balance columns of the worksheet. Complete the worksheet one section at a time beginning with the Adjustments section. Enter the adjustments along with the adjustment letter references(a), (b), (c), etc.into the columns as appropriate. In the following step, complete the Adjusted Trial Balance. Lastly, complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. (Click the icon to view the abbreviations used.) Trial Balance Adjustments Trial Balance Statement Sheet Acct. Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 33,000 A/R 42,000 Office Supp 4,000 25,000 Equipment A/D-Equip. 16,000 A/P 15,000 Salaries Pay. Unearn. Rev. 1,000 N/P (1/t) 18,000 Fratner, Cap. 45,000 Fratner, W/D 33,000 Service Rev. 95,000 2,000 Ins. Exp. Salaries Exp. 32,000 Supplies Exp. Interest Exp. 7,000 Rent Exp. 12,000 Depr. Exp. 190,000 190,000 Total Depr. Exp 190.000 190.000 Total Net income or loss Requirement 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume there were no contributions made by the owner during the year. Begin by preparing the income statement. Review the Income Statement columns of the worksheet completed in Requirement 1. Fratner Investment Advisers Income Statement Year Ended December 31, 2024 Net Income (Loss) Prepare the statement of owner's equity. Assume that there were no contributions made by the owner during the year. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Exclude any zero-balance events for the period from the statement of owner's equity.) Review the Balance Sheet columns of the worksheet completed in Requirement 1. Fratner Investment Advisers Statement of Owner's Equity Year Ended December 31, 2024 Fratner, Capital, January 1, 2024 Fratner, Capital, December 31, 2024 Prepare the classified balance sheet in account format on December 31, 2024. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero. Abbreviations used: Depr.= Depreciation; Equip-=Equipment.) Review the Balance Sheet columns of the worksheet completed Requirement 1. Review the Statement of Owner's Equity completed above, Fratner Investment Advisers Balance Sheet December 31, 2024 Assets Llabilities Less: Owner's Equity Requirement 3. Prepare closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Review the Income Statement columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (1) Close expenses for the period. Review the Income Statement columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (2) Cloco Incomo Summan Close Income Summary. Review the Income Statement columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (3) Close withdrawals. Review the Balance Sheet columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4)