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QUESTION 1 The adjusted trial balance for Green Advertsing ServicesGreen Advertsing Services is presented below: 1 Prepare the income statement for the year ending DecemberDecember 3131, 20162016 2 Prepare the statement of owner's equity for the year ending DecemberDecember 3131, 20162016 Assume that there were no contributions made by the owner during the year. 3 Prepare the classified balance sheet as of DecemberDecember 3131, 20162016 Use the report form. Requirement 1. Prepare the income statement for the year ending DecemberDecember 3131, 20162016 (Use a minus sign or parentheses to show a net loss. If a box is not used in the statement, leave the box empty; do not Green Advertising Services Income Statement Year Ended December 31, 2016 0 0 0 0 0 0 0 0 0 0 Net Income (Loss) Requirement 2. Prepare the statement of owner's equity for the year ending December 31, 2016 Assume that there were no contributions made by the owner during the year. (Use a minus sign or parentheses to sho Green Advertising Services Statement of Owner's Equity Year Ended December 31, 2016 Colton, Capital, January 1, 2016 0 0 Colton, Capital, December 31, 2016 Requirement 3. Prepare the classified balance sheet as of December31, 2016. Use the report form. Begin by preparing the asset secton of the balance sheet and then prepare the liabilites and owner's equity sectons. (If a b Green Advertising Services Liabilities Balance Sheet 0 31-Dec-16 0 Assets 0 0 0 0 0 0 0 0 Owner's Equity 0 0 0 0 0 0 Less: 0 0 Less: 0 0 0 0 QUESTION 2 Hair Stylists's adjusted trial balance and statement of owner's equity follow. Prepare December 31, 2017. Use the account form. Click on the icon to view the adjusted trial balance Click Daylen Hair Stylists Adjusted Trial Balance 31-Dec-17 on the icon to view the statement of owner's equity Balance Account Titl Debit Credit Daylen Hair Stylists Statement of Owner's Equity Year Ended December 31, 2017 Daylen, Capital, Janu Cash $1,600 Accounts Re 1,100 Office Suppl 2,000 Equipment 19,800 Accumulated Deprecia Accounts Payable Interest Payable Notes Payable Daylen, Capital Daylen, Wit 600 Service Revenue Rent Expens 5,300 Supplies Ex 800 Depreciatio 1,800 Interest Exp 2,100 Total $35,100 Net income for the y Owner withdrawal Daylen, Capital, Dec $1,800 900 900 3,700 12,700 15,100 $35,100 Begin by preparing the asset section of the balance sheet, then prepare the liabilities and owner's equity sections. (If a Assets Liabilities 0 0 0 0 Less: 0 0 0 0 0 0 0 Owner's Equity 0 0 QUESTION 3 A partal worksheet for Akerman Adjusters is presented below. Solve for the missing informaton. Income Statement Debit Total $22,300 (a) Net (c) 0 (e) (f) QUESTION 4 Data link's completed worksheet at November 30, 2016 is as follows: Credit 5,200 (Click the icon to view the completed worksheet.) Unadjusted Trial Balance Adjustments Account NameDebit Credit Debit Cash $3,300 Accounts Rece 3,200 (a) Prepaid Rent 1,400 Office Supplies 3,100 Equipment 33,800 Accumulated Depreciation $1,000 Accounts Payable 5,300 Salaries Payable Trudy, Capital 35,200 Trudy, Withdra 2,600 Service revenue 8,700 Depreciation Expense - Equipment (b) Salaries Expen 1,800 (c) Rent Expense (d) Utilities Expen 1,000 Supplies Expense (e) Total $50,200 $50,200 Credit $700 $1,000 (d) 100 (e) Adjusted Trial Balance Debit $3,300 3,900 400 3,000 33,800 900 (b) 500 (c) 2,600 700 (a) 900 500 1,000 100 $3,200 $3,200 900 2,300 1,000 1,000 100 $52,300 Requirement 1. Complete the income statement for the month ended November 30, 2016 (Use a minus sign or parentheses to show a net loss. If a box is not used in the income statement, leave the box empty Data Link Income Statement Month Ended November 30, 2016 0 0 0 0 0 0 0 0 0 0 Net Income (Loss) Requirement 2. Complete the statement of owner's equity for the month ended November 30, 2016 Assume that there were no contributons made by the owner during the month. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Use a minus sign or pare Data Link Statement of Owner's Equity Month Ended November 30, 2016 Trudy, Capital, November 1, 2016 0 0 Trudy, Capital, November 30, 2016 Requirement 3. Complete the classified balance sheet as of November 30, 2016 Use the report form. (If a box is not used in the balance sheet, leave the boxempty; do not select a label or enter a zero Data Link Balance Sheet 30-Nov-16 Assets 0 Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 Less: 0 0 Owner's Equity 0 0 0 0 QUESTION 5 Selected accounts for Kennedy Photography at December 31, 2016, follow: Click the icon to view the selected accounts.) Kennedy, Capital 60,000 Kennedy, Withdrawals 23,000 Service Revenue Salaries Expense Supplies Expense 3,200 36,000 7,000 31,600 1,300 Depreciation Expense\"Furniture 1,700 Depreciation Expense\"Building 6,900 Requirement 1. Journalize Kennedy Photography's closing entries at DecemberDecember 31, 2016 (Record debits first, then credits. Select the explanaton on the last line of the journal entry table.) Start by closing revenues Date Accounts anDebit Credit Dec. 31 0 Clos. (1) 0 0 0 0 Close expenses for the period Date Dec. 31 Clos. (2) Close Income Summary. Date Dec. 31 Clos. (3) Close withdrawals. Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit 0 0 0 0 0 Credit Date Dec. 31 Clos. (4) Accounts anDebit 0 0 0 0 0 Credit Requirement 2. Determine Kennedy Photography's ending Kennedy, Capital balance at Decemberr 31, 2016 Kennedy, Capital balance at December 31, 2016 is QUESTION 6 The adjusted trial balance of Edmond Real Estate Appraisal at June 30 , 2016, follows: Click the icon to view the adjusted trial balance. Edmond Real Estate Appraisal Adjusted Trial Balance 30-Jun-16 Balance Account Titl Debit Credit Cash $4,200 Accounts Re 4,500 Office Suppl 2,300 Prepaid Insu 2,100 Building 76,000 Accumulated Depreciat $26,700 Land 13,100 Accounts Payable 19,600 Interest Payable 8,700 Salaries Payable 2,500 Unearned Revenue 5,300 Notes Payable (long-te 35,000 Edmond, Capital 41,500 Edmond, Wit 26,900 Service Revenue 48,200 Read the requirements 1 Prepare the company's income statement fo June30, 2016. 2 Prepare the company's statement of owner June 30 , 2016. Assume that there were no contributions m 3 Prepare the company's classified balance sh June 30 , 2016. 4 Journalize the closing entries. 5 T-accounts have been opened using the bala 6 Prepare the company's post-closing trial bal June 30, 2016. Insurance E 4,800 Salaries Exp 34,000 Supplies Ex 700 Interest Exp 8,700 Utilities Exp 2,600 Depreciation 7,600 Total $187,500 $187,500 Requirement 1. Prepare the company's income statement for the year ended June 30, 2016. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parenthes Edmond Real Estate Appraisal Income Statement Year Ended June 30, 2016 0 0 0 0 0 0 0 0 0 0 0 0 Net Income (Loss) Requirement 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. (Use a minus sign or parentheses to show a decr Edmond Real Estate Appraisal Statement of Owner's Equity Year Ended June 30, 2016 Edmond, Capital, July 1, 2015 0 0 Edmond, Capital, June 30, 2016 Requirement 3. Prepare the company's classified balance sheet in report form at June 30, 2016. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Edmond Real Estate Appraisal Liabilities Balance Sheet 0 30-Jun-16 0 0 0 0 0 0 Assets 0 0 0 0 0 0 0 0 0 0 Owner's Equity 0 0 0 0 Less: 0 0 0 0 Requirement 4. Journalize the closing entries. (Record debits first, then credits. Select the explanaton on the last line of the Start by closing revenues. Date Accounts anDebit Credit Jun. 30 0 Clos. (1) 0 0 0 0 Close expenses for the period. Date Accounts anDebit Credit Jun. 30 0 Clos. (2) 0 0 0 0 0 0 0 Close Income Summary. Date Jun. 30 Clos. (3) Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit Credit Close withdrawals. Date Jun. 30 Clos. (4) 0 0 0 0 0 Requirement 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to Use "Clos." and the corresponding number as shown in the journal entry as postng referenceslong dash"Clos.(1)", "Clos.(2)", etc. The adjusted balance of each account has been entered for you. Post any closing entries to the accounts and t Review the closing journal entries you prepared above. Cash Accounts Payable Bal. 4,200 0 0 19,600 0 0 0 Accounts Receivable Bal. 4,500 0 Office Supplies Bal. 0 Prepaid Insurance Bal. 0 Building Bal. 2,300 2,100 76,000 0 Accumulated Depr.\"Building 0 26,700 Bal. 0 Land Bal. 13,100 0 0 0 Interest Payable 0 0 8,700 0 0 Salaries Payable 0 0 2,500 0 0 Unearned Revenue 0 0 5,300 0 0 Notes Payable 0 0 0 0 0 Edmond, Capital 0 0 0 Edmond, Withdrawals Bal. 26,900 0 Income Summary 0 0 Requirement 6. Prepare the company's post-closing trial balance at 35,000 41,500 June 30, 2016. Review the ending balances of the T-accounts that you prepared in Requirement 5. Edmond Real Estate Appraisal Post-Closing Trial Balance 30-Jun-16 Balance Account Titl Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 Total QUESTION 7 On December 1, IkE Wendson began an auto repair shop, Wendson's Quality Automotve. The following transactons occurred during December: Click the icon to view the transactions 1-Dec WendsonWendson contributed 68,000 cash to the business in exchange for capital. 1 Purchased $15,000 of equipment paying cash. 1 Paid $7,800 for a twelve-month insurance policy starting on 1-Dec 9 Paid $25,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $2,800.00 19 Borrowed $33,000 from the bank for business use. Wendson signed a note payable to the bank in the name of the business. The note is due in five yea 22 Paid $1,500 for advertising expenses. 26 Paid $900 on account. 28 The business received a bill for utilities to be paid in JanuaryJanuary, $280.00 31 Revenues earned during the month included $19,500 cash and $3,700 on account. 31 Paid employees' salaries $3,400 and building rent $1,200.00 Record as a compound entry. 31 The business received $1,400 for auto screening services to be performed next month. 31 WendsonWendson withdrew cash of $3,000.00 The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Equipment; Accumulated Depreciationlong dashEquipment; Land; Accounts Payable; UtilitiesPayable; Interest Payable; Unearned Revenue; Notes Payable; Wendson, Capital; Wendson, Withdrawals; Income Summary; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Sup Expenselong dashEquipment. Adjustment data: a. Office Supplies used during the month, $700.00 b. Depreciation for the month, $250.00 c. One month insurance has expired. d. Accrued Interest Expense, $120.00 Requirement 1. Prepare the journal entries, and post to the T-accounts. Begin by preparing the journal entries for the December transactons. (Record debits first, then credits. Select the explanaton on the last line of the journal entrytable.) Dec. 1: Wendson contributed $68,000 cash to the business in exchange for capital. Date Accounts anDebit Credit Dec. 1 0 0 0 0 0 1: Purchased $15,000 of equipment paying cash. Date Dec. 1 1: Paid $7,800 for a twelve-month insurance policy startng on December 1 Accounts anDebit 0 0 0 0 0 Credit Date Dec. 1 Accounts anDebit 0 0 0 0 0 Dec. 9: Paid $25,000 cash to purchase land to be used in operatons. Date Accounts anDebit Dec. 9 0 0 0 0 0 10: Purchased ofce supplies on account, $2,800.00 Date Accounts anDebit Dec. 10 0 0 0 0 0 Credit Credit Credit 19: Borrowed $33,000 from the bank for business use. Wendson signed a note payable to the bank in the name of the business. The note is due in five years. Date Accounts anDebit Credit Dec. 19 0 0 0 0 0 22: Paid $1,500 for advertsing expenses. Date Dec. 22 Accounts anDebit 0 Credit 0 0 0 0 Dec.Dec. 26: Paid $900 on account. Date Dec. 26 Accounts anDebit 0 0 0 0 0 28: The business received a bill for utlites to be paid in January, $280.00 Date Accounts anDebit Dec. 28 0 0 0 0 0 Credit Credit Dec. 31: Revenues earned during the month included $19,500 cash and $3,700 on account. (Prepare a single compound entry for this transacton.) Date Accounts anDebit Credit Dec. 31 0 0 0 0 0 Dec. 31: Paid employees' salaries $3,400 and building rent $1,200.00 Record as a compound entry. Date Dec. 31 Accounts anDebit 0 0 0 0 0 Dec. 31: The business received $1,400 for auto screening services to be performed next month. Date Accounts anDebit Dec. 31 0 0 0 0 0 dec 31: Wendson withdrew cash of $3,000.00 Date Dec. 31 Accounts anDebit 0 0 0 0 0 Credit Credit Credit Post the transactions to the T-accounts. Use the transaction dates as posting references. If posting more than one entry on the Cash Accounts Payable 0 0 0 0 0 0 0 0 0 0 0 0 0 Utilities Payable 0 0 0 0 0 0 0 0 0 Accounts Receivable 0 0 Interest Payable 0 0 0 Office Supplies 0 0 0 Prepaid Insurance 0 0 0 0 0 0 0 0 0 0 Unearned Revenue 0 0 0 0 0 0 Notes Payable 0 0 0 0 0 0 Wendson, Capital 0 0 0 0 0 0 Wendson, Withdrawals 0 0 0 Equipment 0 0 0 Accumulated Depr.\"Equipment 0 0 0 Land 0 0 0 0 0 0 Requirement 2. Prepare an unadjusted trial balance. (Exclude any accounts with a zero balance from the trial balance.) Wendson's Quality Automotive Unadjusted Trial Balance 31-Dec-16 Balance Account Titl Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Requirement 3. Prepare the adjustng entries and post to the T-accounts. Begin by preparing the adjustng entries. (Record debits first, then credits. Select the explanaton on the last line of the journ a. Ofce Supplies used during the month, $700 Date Accounts anDebit Credit Dec. 31 0 Adj. (a) 0 0 0 0 b. Depreciaton for the month, $250 Date Accounts anDebit Credit Dec. 31 0 Adj. (b) 0 0 0 0 c. One month insurance has expired. (On December 1, the business paid $7,800 for a 12-month insurance policy startng on December 1.) Date Accounts anDebit Dec. 31 0 Adj. (c) 0 0 Credit 0 0 d. Accrued Interest Expense, $120 Date Dec. 31 Adj. (d) Accounts anDebit 0 0 0 0 0 Credit Post the adjusting entries to the T-accounts. First, enter the unadjusted balances of the accounts ("Bal.") from requirement 2. F referenceslong dash"Adj. (a)", "Adj. (b)", etc. Use a"Bal." posting reference on the last line of each T-account to show the adjusted balance of each accou Cash Accounts Payable 0 0 0 0 0 0 0 0 0 Utilities Payable 0 0 0 Accounts Receivable 0 0 0 Office Supplies 0 0 0 Prepaid Insurance 0 0 0 0 0 0 Interest Payable 0 0 0 0 0 0 Unearned Revenue 0 0 0 0 0 0 Notes Payable 0 0 0 0 0 0 Wendson, Capital 0 0 0 Equipment 0 0 0 Accumulated Depr.\"Equipment 0 0 0 0 0 0 Land 0 0 0 0 0 0 Requirement 4. Prepare an adjusted trial balance. Wendson's Quality Automotive Adjusted Trial Balance 31-Dec-16 Balance Account Titl Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Wendson, Withdrawals 0 0 0 Requirement 5. Complete the worksheet for the month ended December 31, 2016 Wendson's Quality Automotive Worksheet (Partial) 31-Dec-16 Adjusted Income Trial Balance Statement Account Titl Debit Credit Debit Credit Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depr.\"Equip. Land Accounts Payable Utilities Payable Interest Payable Unearned Revenue Notes Payable Wendson, Capital Wendson, Withdrawals Service Revenue Salaries Expense Rent Expense Utilities Expense Advertising Expense Supplies Expense Insurance Expense Interest Expense Depr. Expense\"Equip. Balance Sheet Debit Credit Net income or loss Requirement 6. Prepare the income statement, the statement of owner's equity, and the unclassified balance sheet in accou Begin by preparing the income statement. (If a box is not used in the statement, leave the box empty; do not select a label o Wendson's Quality Automotive Income Statement Month Ended December 31, 2016 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Income (Loss) Prepare the statement of owner's equity. Enter any increases in capital prior to the subtotal and any decreases to capital below Wendson's Quality Automotive Statement of Owner's Equity Month Ended December 31, 2016 Wendson, Capital, December 1, 2016 0 0 0 Wendson, Capital, December 31, 2016 Prepare the classified balance sheet in report form as of December 31, 2016 Begin by preparing the asset section of the balance sheet and then prepare the liabilities and owner's equity sections. (If a box Wendson's Quality Automotive Liabilities Balance Sheet 0 31-Dec-16 Assets 0 0 0 0 0 0 0 0 0 Owner's Equity 0 0 Less: 0 0 0 0 0 Requirement 7. Prepare the closing entries and post to the T-accounts. Begin by preparing the closing entries. (Record debits first, then credits. Select the explanaton on the last line of the journa Start by closing revenues. Date Accounts anDebit Credit Dec. 31 0 Clos. (1) 0 0 0 0 Close expenses for the period. Date Dec. 31 Clos. (1) Close Income Summary. Date Dec. 31 Clos. (1) Close withdrawals. Date Dec. 31 Clos. (1) Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit 0 0 0 0 0 Credit Post the closing entries to the T-accounts. First, enter "Bal." and the adjusted balance of each account from requirement 4. Th referenceslong dash"Clos.(1)", "Clos.(2)", etc. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (in Cash Accounts Payable 0 0 0 0 0 0 Utilities Payable 0 0 Accounts Receivable 0 0 Office Supplies 0 0 Prepaid Insurance 0 0 0 0 Interest Payable 0 0 0 0 Unearned Revenue 0 0 0 0 Notes Payable 0 0 Equipment 0 0 Accumulated Depr.\"Equipment 0 0 0 0 0 0 Wendson, Withdrawals 0 0 0 0 Income Summary 0 0 Land 0 0 Wendson, Capital 0 0 0 Requirement 8. Prepare a post-closing trial balance. Wendson's Quality Automotive Post-Closing Trial Balance 31-Dec-16 Balance Account Titl Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 Total QUESTION 8 The adjusted trial balance of Penny O'Hara Dance Studio Company follows: Penny O'Hara Dance Studio Company Trial Balance 31-Aug-16 Balance Account Title Debit Credit Cash $14,400 Office Supplies 2,600 Prepaid Rent 1,400 Equipment 54,000 Accumulated Depreciation $5,400 Accounts Payable 4,100 Salaries Payable 800 Unearned Revenue 4,900 Notes Payable (long-term) 4,900 O'Hara, Capital 44,400 O'Hara, Withd 1,200 Service Revenue 16,500 Salaries Expen 4,200 Rent Expense 1,900 Depreciation 400 Supplies Expe 200 Utilities Expen 700 Total $81,000 $81,000 Requirements 1 Prepare the classified balance sheet of Penny O'Hara Dance Studio Company at August 31, 2016 Use the report form. You must compute the ending balance of O'Hara, Capital. 2 Compute O'Hara's current ratio at August 31, 2016 One year ago, the current ratio was 1.57 Indicate whether O'Hara's ability to pay current debts has improved, Requirement 1. Prepare the classified balance sheet of Penny O'Hara Dance Studio Company at August 31, 2016 Use the report form. You must compute the ending balance of O'Hara, Capital. Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally the owner's equity se Assets Liabilities Owner's Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Less: 0 0 0 0 Requirement 2. Compute O'Hara's current rato at August 31, 2016 One year ago, the current rato was 1.57 Indicate whether O'Hara's ability to pay current debts has improved, deteriorated, or remained the same. Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places.) 0/ 0= Current ratio / = Since the current ratio was 1.57 one year ago, Penny O'Hara's ability to pay its current liabilities has deteriorated improved remained the same . QUESTION 9 The unadjusted trial balance of Wendson Anvils at December 31, 2016, and the data for the adjustments follow: (Click the icon to view the unadjusted trial balance.) Wendson Anvils Unadjusted Trial Balance 31-Dec-16 Balance Account TitDebit Cash $5,880 Accounts R 15,500 Prepaid Re 2,820 Office Supp 3,000 Equipment 32,000 Accumulated Depreci Accounts Payable Salaries Payable Unearned Revenue Wendson, Capital Wendson, 5,500 Service Revenue Salaries Ex 3,000 Rent Expense Depreciation Expense\"Equipment Supplies Expense Total $67,700 Requirement 1. Prepare the adjustng entries, and post to the accounts. T-accounts have been opened using the balances fro Begin by preparing the adjustng entries. (Record debits first, then credits. Select the explanaton on the last line of the journ a. Unearned Revenue stll unearned at December 31, $1,900.00 Date Accounts anDebit Credit Dec. 31 0 Adj. (e) 0 0 0 0 b. Prepaid Rent stll in force at December 31, $2,700.00 Date Dec. 31 Adj. (e) c. Ofce Supplies used, $1,000.00 Date Dec. 31 Adj. (e) d. Depreciaton, $380.00 Date Dec. 31 Adj. (e) e. Accrued Salaries Expense at December 31, $350 Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit 0 0 0 0 0 Credit Date Dec. 31 Adj. (e) Accounts anDebit 0 0 0 0 0 Credit Post the adjusting entries to the T-accounts. The unadjusted balances of the accounts ("Bal.") have been entered for you. Use referenceslong dash"Adj. (a)", "Adj. (b)", etc. Use a "Bal." posting reference on the last line of each T-account to show the adjusted balance of each acco Cash Accounts Payable Bal. 5,880 0 0 6,200 0 0 0 0 0 0 Accounts Receivable Bal. 15,500 0 0 Prepaid Rent Bal. 0 0 Office Supplies Bal. 0 0 Equipment Bal. 0 0 0 Salaries Payable 0 0 0 2,820 0 0 0 Unearned Revenue 0 0 0 3,000 0 0 0 Wendson, Capital 0 0 0 0 0 0 Wendson, Withdrawals Bal. 5,500 0 0 32,000 0 0 Accumulated Depr.\"Equip. 0 0 0 3,000 Bal. 0 0 Requirement 2. Prepare an adjusted trial balance. Wendson Anvils Adjusted Trial Balance 31-Dec-16 0 5,400 29,100 Balance Account Titl Debit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Credit Requirement 3. Complete the worksheet for the year ended December 31, 2016 (Abbreviatons used: Depr.=Depreciaton; Equip.=Equipment.) Wendson Anvils Worksheet (Partial) 31-Dec-16 Adjusted Income Trial Balance Statement Account Titl Debit Credit Debit Credit Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depr.\"Equip. Accounts Payable Salaries Payable Unearned Revenue Wendson, Capital Wendson, Withdrawals Service Revenue Salaries Expense Rent Expense Balance Sheet Debit Credit Depr. Expense\"Equip. Supplies Expense Net income or loss Requirement 4. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report f Begin by preparing the income statement. (If a box is not used in the statement, leave the box empty; do not select a label or e Wendson Anvils Income Statement Month Ended December 31, 2016 0 0 0 0 0 0 0 0 0 0 Net Income (Loss) Prepare the statement of owner's equity. Enter any increases in capital prior to the subtotal and any decreases to capital below Wendson Anvils Statement of Owner's Equity Month Ended December 31, 2016 Wendson, Capital, January 1, 2016 0 0 Wendson, Capital, December 31, 2016 Prepare the classified balance sheet in report form as of December 31, 2016 Begin with the Assets section, then complete the Liabilities and Owner's Equity sections. (If a box is not used in the balance sh Wendson Anvils Liabilities Balance Sheet 0 31-Dec-16 0 Assets 0 0 0 0 0 0 0 0 0 0 0 Owner's Equity 0 0 0 0 Less: 0 0 0 Requirement 5. Prepare the closing entries and post to the accounts. Begin by preparing the closing entries. (Record debits first, then credits. Select the explanaton on the last line of the journa Start by closing revenue. Date Accounts anDebit Credit Dec. 31 0 Clos. (1) 0 0 0 0 Close expenses for the period. Date Dec. 31 Clos. (2) Close Income Summary. Date Dec. 31 Clos. (3) Close withdrawals. Date Dec. 31 Clos. (1) Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit 0 0 0 Credit 0 0 Post the closing entries to the T-accounts. First, enter "Bal." and the adjusted balance of each account from the adjusted trial b referenceslong dash"Clos.(1)", "Clos.(2)", etc. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (in Cash Accounts Payable 0 0 0 0 0 0 Accounts Receivable 0 0 Prepaid Rent 0 0 Office Supplies 0 0 0 0 Salaries Payable 0 0 0 0 Unearned Revenue 0 0 0 0 Equipment 0 0 Accumulated Depr.\"Equip. 0 0 Wendson, Capital 0 0 0 0 0 Wendson, Withdrawals 0 0 0 0 Income Summary 0 0 Requirement 6. Prepare a post-closing trial balance. Wendson Anvils Post-Closing Trial Balance 31-Dec-16 Balance Account Titl Debit Credit 0 0 0 0 0 0 0 0 0 0 Total Requirement 7. Calculate the current rato for the company. Select the labels then enter the amounts and compute the current rato. (Round your answer to two decimal places.) 0/ 0= Current ratio / = QUESTION 10 The unadjusted trial balance and adjustment data of May's Motors at December 31, 2016, follow: Click the icon to view the unadjusted trial balance. May Motors Unadjusted Trial Balance 31-Dec-16 Account Ti Cash Accounts Office Sup Prepaid In Equipmen Accumulated Depreciation\"Equipment Accounts Payable Wages Payable Unearned Revenue May, Capital May, With Service Revenue Depreciation Expense\"Equipment Wages Exp Insurance Expense Utilities Supplies Expense Total 2017 transactions: a. On JanuaryJanuary 4, May's Motors paid wages of $2,100.00 Of this, b. $1,400 related to the accrued wages recorded on December 31 On January 10, May's Motors received $1,100 for Service Revenue. Of this, $800 is related to the accrued Service Revenue recorded on December 31 Read the requirements 1 Journalize adjusting entries. 2 Journalize reversing entries for the appropriate adjusting entries. 3 Refer to the 2017 data. Journalize the cash payment and the cash receipt that occurred in 2017 a. Depreciaton on equipment, $1,700.00 Date Dec. 31 Adj. (a) b. Accrued Wages Expense, 1,400.00 Date Dec. 31 Adj. (b) c. Ofce Supplies on hand, Accounts anDebit 0 0 0 0 0 Credit Accounts anDebit 0 0 0 0 0 Credit $300 Date Dec. 31 Adj. (c) Accounts anDebit 0 0 0 0 0 d. Prepaid Insurance expired during December $100 Date Accounts anDebit Dec. 31 0 Adj. (d) 0 0 0 0 e. Unearned Revenue earned during December, $4,300.00 Date Accounts anDebit Dec. 31 0 Adj. (e) 0 0 0 0 f. Accrued Service Revenue, $800 Date Dec. 31 Adj. (f) Accounts anDebit 0 0 0 0 0 Credit Credit Credit Credit Requirement 2. Journalize reversing entries for the appropriate adjustng entries. (Record debits first, then credits. Select the Review the adjustng entry you prepared in Requirement 1. Date Accounts anDebit Credit Jan. 1 0 Rev. (a) 0 0 0 0 Review the adjustng entry you prepared in Requirement 1. Date Jan. 1 Rev. (b) Accounts anDebit 0 0 0 0 0 Credit Review the adjustng entry you prepared in Requirement 1. Date Accounts anDebit Credit Jan. 1 0 Rev. (c) 0 0 0 0 Review the adjustng entry you prepared in Requirement 1. Date Jan. 1 Rev. (d) Accounts anDebit 0 0 0 0 0 Credit Review the adjustng entry you prepared in Requirement 1. Date Accounts anDebit Credit Jan. 1 0 Rev. (e) 0 0 0 0 Review the adjustng entry you prepared in Requirement 1 Date Accounts anDebit Credit Jan. 1 0 Rev. (f) 0 0 0 0 Requirement 3. Refer to the 2017 data. Journalize the cash payment and the cash receipt that occurred in 2017 (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin with transacton a. a. On January 4, May's Motors paid wages of $2,100.00 Of this, $1,400 related to the accrued wages recorded on December 31 Date Accounts anDebit Jan. 4 0 0 0 0 0 b. On January 10, May's Motors received $1,100 for Service Revenue. Of this, $800 is related to the accrued Service Revenue recorded on December 31 Date Accounts anDebit Jan. 10 0 0 0 0 0 Credit Credit Green Advertising Services Adjusted Trial Balance 31-Dec-16 Account Title Cash Accounts Receivable Office Supplies Furniture Accumulated Depreciation\"Furniture Building Accumulated Depreciation\"Building Land Accounts Payable Salaries Payable Unearned Revenue Colton, Capital Colton, Withdrawals Service Revenue Salaries Expense Supplies Expense Depreciation Expense\"Furniture Depreciation Expense\"Building Advertising Expense Total the statement, leave the box empty; do not select a label or enter a zero. r. (Use a minus sign or parentheses to show a net loss and/or a decrease in capital. Exclude any zero-balance events for the perio er31, 2016. Use the report form. liabilites and owner's equity sectons. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a ze DaylenDaylen's unclassifed balance sheet at on to view the statement of owner's equity. Daylen Hair Stylists Statement of Owner's Equity Year Ended December 31, 2017 $12,700 5,100 $17,800 -600 $17,200 liabilities and owner's equity sections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or ente Trial Balance Credit $1,900 5,300 500 35,200 9,400 $52,300 Net Income the income statement, leave the box empty; do not select a label or enter a zero.) below the subtotal. (Use a minus sign or parentheses to show a decrease in capital and a net loss for the month. Exclude any zero-balan empty; do not select a label or enter a zero.) se\"Building ournal entry table.) Prepare the company's income statement for the year ended June30, 2016. Prepare the company's statement of owner's equity for the year ended June 30 , 2016. Assume that there were no contributions made by the owner during the year. Prepare the company's classified balance sheet in report form at June 30 , 2016. Journalize the closing entries. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts. Prepare the company's post-closing trial balance at June 30, 2016. or enter a zero. Use a minus sign or parentheses to show a net loss.) se a minus sign or parentheses to show a decrease in capital. Exclude any zero-balance events for the period from the statement of owner' abel or enter a zero.) Select the explanaton on the last line of the journal entry table.) sted trial balance. Post the closing entries to the T-accounts. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (including those that were Bal. 0 Bal. 0 Bal. 0 Bal. 0 Bal. 0 Bal. 0 0 0 0 0 0 0 me of the business. The note is due in five years. d next month. otes Payable; e; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation t line of the journal entrytable.) in five years. rences. If posting more than one entry on the same date to a single account, post to that account in the same order as you prepared the e 0 0 0 0 0 0 0 h a zero balance from the trial balance.) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ct the explanaton on the last line of the journal entry table.) of the accounts ("Bal.") from requirement 2. For accounts with a zero unadjustedbalance, do not make an unadjusted balance entry. Then nt to show the adjusted balance of each account. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 y, and the unclassified balance sheet in account form. , leave the box empty; do not select a label or enter a zero.) he subtotal and any decreases to capital below the subtotal. (Enter a "0" for any zero balances. Use a minus sign or parentheses to show a d abilities and owner's equity sections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) 0 0 0 0 0 0 Owner's Equity the explanaton on the last line of the journal entry table.) ance of each account from requirement 4. Then, use "Clos." and the corresponding number as shown in the journal entry as posting st-closing balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance afer closing, enter 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ities section and finally the owner's equity section. your answer to two decimal places.) Click the icon to view the adjusting data Adjustment data: a. unadjusted trial balance.) Credit b. c. $3,000 6,200 d. 5,400 e. 29,100 24,000 tion Expense\"Equipment $67,700 unts have been opened using the balances from the unadjusted trial balance. ct the explanaton on the last line of the journal entry table.) unts ("Bal.") have been entered for you. Use the adjustment and corresponding leters as posting unt to show the adjusted balance of each account. (Abbreviations used: Depr.=Depreciation; Equip.=Equipment.) Bal. 0 0 Bal. 0 0 Bal. 0 0 Bal. 0 0 0 0 0 y, and the classified balance sheet in report form. Assume that there were no contributons made by the owner during the year. eave the box empty; do not select a label or enter a zero.) he subtotal and any decreases to capital below the subtotal. Assume that there were no contributions made by the owner during the year. ections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) the explanaton on the last line of the journal entry table.) ance of each account from the adjusted trial balance prepared in requirement 2.Then, use "Clos." and the corresponding number as shown st-closing balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance aferclosing, enter 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d your answer to two decimal places.) to view the unadjusted trial balance. ed Trial Balance Balance Debit Credit $4,200 27,100 1,100 2,400 52,400 Accumulated Depreciation\"Equipment Accounts Payable Wages Payable Unearned Revenue May, Capital $34,600 14,000 9,300 18,500 2,500 Service Revenue Depreciation Expense\"Equipment 17,200 2,300 Insurance Expense 1,600 Supplies Expense $93,600 $93,600 s. (Record debits first, then credits. Select the explanaton on the last line of the journal entry table. If a reversing entry is not appropriat he journal entry table.) Balance Debit Credit $13,700 14,000 7,200 20,100 \"Furniture $14,300 49,800 36,500 18,100 9,800 8,000 13,000 65,400 16,100 39,600 24,500 9,200 600 2,800 10,500 $186,600 $186,600 in capital. Exclude any zero-balance events for the period from the statement of owner's equity.) eet, leave the box empty; do not select a label or enter a zero.) e sheet, leave the box empty; do not select a label or enter a zero.) apital and a net loss for the month. Exclude any zero-balance events for the period from the statement of owner's equity.) ance. Post the closing entries to the T-accounts. -balance events for the period from the statement of owner's equity.) balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance afer closing, enter a "0" o Service Revenue 0 0 Insurance Expense Bal. 48,200 Bal. 0 4,800 0 0 34,000 0 0 700 0 0 8,700 0 0 2,600 0 0 7,600 0 0 0 Salaries Expense Bal. 0 Supplies Expense Bal. 0 Interest Expense Bal. 0 Utilities Expense Bal. 0 Depreciation Expense\"Building Bal. 0 se; Interest Expense; and Depreciation post to that account in the same order as you prepared the entries above. Use a "Bal." posting reference to show the ending balance of eac Service Revenue 0 0 0 0 0 0 Salaries Expense 0 0 0 0 0 0 0 0 Rent Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Utilities Expense Advertising Expense Supplies Expense Insurance Expense Interest Expense Depreciation Expense\"Equipment tedbalance, do not make an unadjusted balance entry. Then use the adjustment and corresponding leters as posting Service Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Salaries Expense Rent Expense Utilities Expense Advertising Expense Supplies Expense Insurance Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Expense Depreciation Expense\"Equipment y zero balances. Use a minus sign or parentheses to show a decrease in capital.) , leave the box empty; do not select a label or enter a zero.) nding number as shown in the journal entry as posting ed). For any accounts with a zero balance afer closing, enter a "0" on the normal side of the account. For Income Summary, calculate and Service Revenue 0 0 0 0 Salaries Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Rent Expense Utilities Expense Advertising Expense Supplies Expense Insurance Expense Interest Expense Depreciation Expense\"Equipment Unearned Revenue still unearned at December 31, $1,900.00 Prepaid Rent still in force at December 31, $2,700.00 Office Supplies used, $1,000.00 Depreciation, $380.00 Accrued Salaries Expense at December 31, $350.00 ng leters as posting =Depreciation; Equip.=Equipment.) Service Revenue 0 0 0 Salaries Expense Bal. 24,000 Bal. 0 0 3,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Rent Expense Bal. 0 0 Depreciation Expense\"Equipment Bal. 0 0 Supplies Expense Bal. 0 0 contributons made by the owner during the year. e were no contributions made by the owner during the year. (Use a minus sign or parentheses to show a decrease in capital. Exclude any ze t select a label or enter a zero.) 2.Then, use "Clos." and the corresponding number as shown in the journal entry as posting ed). For any accounts with a zero balance aferclosing, enter a "0" on the normal side of the account. For Income Summary, calculate and e Service Revenue 0 0 0 0 Salaries Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Rent Expense Depreciation Expense\"Equipment Supplies Expense Click the icon to view the unadjusted trial balance. Adjustment data at December 31 comma 2016December 31, 2016: a. Depreciation on equipment, $1,700.00 b. Accrued Wages Expense, $1,400.00 c. Office Supplies on hand, $300.00 d. Prepaid Insurance expired during DecemberDecember, $100.00 e. Unearned Revenue earned during DecemberDecember, $4,300.00 f. Accrued Service Revenue, $800.00 the journal entry table. If a reversing entry is not appropriate for an adjustng entry, select "No entry required" on one "account" line a wner's equity.) e afer closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before pos ow the ending balance of each account. For any accounts with a zero balance, select the "Bal." posting reference and enter a "0" on the no ome Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Su ase in capital. Exclude any zero-balance events for the period from the statement of owner's equity.) me Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Su ed" on one "account" line and leave all other cells blank.) e balance ("Bal.") before postng the entry to close out the account. Post the entry to close Income Summary account on the same line a nce and enter a "0" on the normal side of the account. t the entry to close Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show the entry to close Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show ry account on the same line as you entered the balance prior to closing (the second line) and then show the post-closing balance ("Bal." he second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account. e second line) and then show thepost-closing balance ("Bal.") on the last (third) line of the account. (Abbreviations used: Depr.=Depreciati e post-closing balance ("Bal.") on the last (third) line of the account. ations used: Depr.=Depreciation; Equip.=Equipment.)