..il chatr 84% 1:06 AM 10 of 10 Done Assignment 2 End of Chapter Assignment Reed Geophysical Company adjusts and closes its accounts at the end of the calendar year. At December 31, 20-1 Reed Geophysical Company Trial Balance December 31, 20-1 $ Prepaid rent Prepaid dues and subscription Supplies Equipment Accumulate Depreciation Equipment Bank Loan (year and Uneamed consulting fees Glen Hoed. Capital Glen Roed. Drawing Consulting fee earned Stories Experte Telephone Expense Rent Expense Miscellaneous expense 12540 3.300 960 1.300 20.000 $ 1200 5.000 35.650 17040 27.000 90.800 66.900 2550 11000 4.200 148,750 $ 148,750 Other data: a) For the first 11 months of the year, office rent had been charged to the Rent Expense account at a rate of $1000 per month. On December 1, the company signed a new rental agreement and paid 3 months in advance at a rate of $1,100 per month. The advance payment was debited to the Prepaid rent account. (Hint: December rent went up) b) Dues and subscription expense for the year is $710 c) The unused supplies on December 31 is $450 d) Interest on bank loan amounted to $100 at the end of the year. NOT yet pay. (Hint: interest payable account) e) The useful life of the equipment has been estimated at 10 years from date of purchase (straight line depreciation) f) Consulting service valued at $32,550 were rendered service was done) during the year for clients who had made payment in advance. (Hint: The advance payment was debit to Unearned revenue account.) g) At December 31, engineering services $3000 was completed in December but was not bill. h) Salaries earned by employees but not yet paid amounted to $2,200 at December 31 (Hint: Salaries Payable) Instructions The following is done one Spreadsheet file with 4 sheets. (Imark C) Sheet 1 Prepare a worksheet for the year ended December 31, 20-1 (adjustment 18 T) (Income Statement &Balance Sheets columns 19A) CLA. TAI ..il chatr 1:06 AM 84% Done 10 of 10 3.300 120 20.000 Prepaid rent Prepaid Gues and subscription Supplies Equipment Accumulate Depreciation Equipment Bank Loan (1 year and Unearned consulting toes Glen Reed. Capitul Glen Reed, Drawing Consulting fee earned Salaries Expense Telephone Expense Port Expense Miscellaneous expense 1.200 5.000 35.650 17010 27.000 90.860 66.900 2580 11.000 $ 149,750 10.50 Other data: a) For the first 11 months of the year, office rent had been charged to the Rent Expense account at a rate of $1000 per month. On December 1, the company signed a new rental agreement and paid 3 months in advance at a rate of $1,100 per month. The advance payment was debited to the Prepaid rent account. (Hint: December rent went up) b) Dues and subscription expense for the year is $710 c) The unused supplies on December 31 is $450 d) Interest on bank loan amounted to $100 at the end of the year. NOT yet pay. (Hint: interest payable account) e) The useful life of the equipment has been estimated at 10 years from date of purchase (straight line depreciation) f) Consulting service valued at $32,550 were rendered (service was done) during the year for clients who had made payment in advance. (Hint: The advance payment was debit to Unearned revenue account.) g) At December 31, engineering services $3000 was completed in December but was not bill. h) Salaries earned by employees but not yet paid amounted to $2,200 at December 31 (Hint: Salaries Payable) Instructions The following is done one Spreadsheet file with 4 sheets. (I mark C) Sheet 1 Prepare a worksheet for the year ended December 31, 20-1 (adjustment 18T) (Income Statement &Balance Sheets columns 19A) Sheet 2: Income statement ( 11 ) Sheet 3: Balance Sheet (140) Sheet 4: Closing Entries (4T) (See page 293295) Marks/30