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It's not like the question that had been posted because the data has been changes. Please do the new answer.Do not take the answer already
It's not like the question that had been posted because the data has been changes. Please do the new answer.Do not take the answer already had. Thank you!
*P3-6A Alpha Graphics Company, Inc. was organized on January 1, 2014. At the end of the first 6 months of operations, the trial balance contained the accounts shown below. Debit Credit Cash $ 8,400 Notes Payable $ 20,000 Accounts Receivable 14,000 Accounts Payable 9.000 Equipment 45,000 Share Capital Ordinary 22.000 Insurance Expense 2.880 Service Revenue 58,280 Salaries and Wages Expense 30,000 Supplies Expense 3,900 Advertising Expense 1.900 Rent Expense 1,500 Utilities Expense 1.700 $109,280 $109,280 Analysis reveals the following additional data. 1. The $3,900 balance in Supplies Expense represents supplies purchased in January. At June 30, $680 of supplies are on hand. 2. The note payable was issued on February 1. It is a 9%, 6-month note. 3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1. 2014. 4. Service revenues are credited to revenue when received. At June 30, service revenue of $1,100 is still not performed for the customer 5. Depreciation is $2,250 per year. Instructions (a) Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) (b) Prepare an adjusted trial balance. (c) Prepare an income statement and a retained earning statement for the 6 months ended June 30 and a statement of financial position at June 30. (b) Adj. trial balance $111155 (c) Net income $16,025 Ending retained earnings $16,025 Total assets $68,875 Step by Step Solution
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