Mccounting information System PC Excel The trial balance and other information for consulting engineers Mustang Rovers Consulting Limited follow: Credit $ 750 Mustang Rovers Consulting Limited Trial Balance December 31, 2020 Debit Cash $ 83,700 Accounts receivable 81,100 Allowance for doubtful accounts Supplies 1,960 Equipment 85.000 Accumulated depreciation -equipment Notes payable Common shares Retained earnings Service revenue Rent expense 9.750 Salaries and wages expense 28,500 Insurance expense 18,500 Utilities expense 1,080 Miscellaneous expense 720 $310,310 6,250 7.200 35,010 161,100 100,000 $310,310 Additional information: 1. Service revenue includes fees received in advance from clients of $6,900. 2. Services performed for clients that were not recorded by December 31 totalled $7,300. 3. Bad debt expense for the year is $6,300. 4. Insurance expense includes a premium paid on December 31 in the amount of $6,000 for the period starting on January 1, 2021. 5. Equipment is depreciated on a straight-line basis over 10 years. Residual value is $15,000. 6. Mustang gave the bank a 90-day, 12% note for $7,200 on December 1, 2020. 7. Rent is $750 per month. The rent for 2020 and for January 2021 has been paid. 8. Salaries and wages earned but unpaid at December 31, 2020, are $2,598. 9. Dividends of $80,000 were declared on December 15, 2020 for payment on February 1, 2021. Instructions a. From the trial balance and other information given, prepare annual adjusting entries as at Decem- ber 31, 2020. Round amounts to the nearest dollar. b. Prepare an adjusted trial balance for Mustang Rovers as at December 31, 2020. c. Prepare an income statement for 2020, a statement of financial position as at December 31, 2020, and a statement of retained earnings for 2020. d. Explain how the financial statements in part (c) would change if Mustang Rovers operated as a sole proprietorship, rather than a corporate ownership structure. The Unadjusted Trial Balance for Jackson Corporation is provided below. Jackson Corporation Unadjusted Trial Balance December 31, 2026 Cash Marketable Securities Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Equipment Accumulated Depreciation Equip. Accounts Payable Notes Payable Common Stock Retained Earnings Sales Cost of Goods Sold Office Salaries Expense Rent Expense Miscellaneous Expense Totals $6,400 6,150 32,200 $375 16,800 1,040 49,000 9,500 4.400 4.250 41.000 27.440 322 300 238.520 20.800 7.200 31153 $409,265 $409,265 Required: ROUND ALL CURRENCY when needed to 2 DECIMAL PLACES Click Save and Submit to save and submit. Click Save All Answers to save all answers, K7 K7T Clich WhatsApp Image....jpeg p
