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LO 3 4 P3-71B. (Learning Objectives 3, 4: Preparing an adjusted trial balance and the financial statements) Consider the unadjusted trial balance of Glasgow, Inc.,

LO 3 4 P3-71B. (Learning Objectives 3, 4: Preparing an adjusted trial balance and the financial statements) Consider the unadjusted trial balance of Glasgow, Inc., at August 31, 20X6, and the related month-end adjustment data. 1 2 A1 Glasgow, Inc. Trial Balance Worksheet August 31, 20X6 Account Cash 3 4 5 Accounts receivable 6 7 Supplies 8 Furniture 9 Accumulated depreciation 10 Accounts payable Prepaid rent 11 Salary payable 12 Share capital 13 Retained earnings 14 Dividends 15 Service revenue 16 Salary expense 17 Rent expense 18 Utilities expense 19 Depreciation expense 20 Supplies expense 21 Total 22 B Trial Balance Debit 9,300 1,600 2,400 2,200 81,000 3,800 3,200 600 C 104,100 Credit 4,000 3,500 15,200 71,000 10,400 104,100 D G Adjustments Adjusted Trial Balance Debit Credit Debit Credit
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P3-71B. (Learning Objectives 3, 4: Preparing an adjusted trial balance and the financial statements) Consider the unadjusted trial balance of Glasgow, Inc., at August 31, 20X6, and the related month-end adjustment data. Adjustment data at August 31,206, include the following: a. Acerued advertising revenue at August 31, e2,200 b. Prepaid rent expired during the month. The unadjusted prepaid balance of e2,400 relates to the period August 20X6 through October 20X6. c. Supplies used during August, 1,900 d. Depreciation on furniture for the month. The furniture's expected useful life is five years. e. Accrued salary expense at August 31 for Monday, Tuesday, and Wednesday, The fiveday weekly payroll is 5,500 and will be paid on Friday. Requirements 1. Using Exhibit 3-9 as an example, prepare the adjusted trial balance of Glasgow, Inc., at August 31, 20X6. Key each adjusting entry by letter. 2. Prepare the monthly Income Statement, the statement of changes in equity, and the classified Baance Sheet. Draw arrows finking the three stafements

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