nces Mailings Review View New Tab Help E ALT AaBbCcDc AaBbCcDc AaBb C AaBbcc I Normal 1 No Spac... Heading 1 Heading 2 GER- Paragraph FY Styles Ed 1 2 3 4.56 Prepare a statement of financial position. (List Current Assets in order of liquidity.) I CORONADO LTD. Statement of Financial Position August 31, 2021 Assets Current Assets Cash $ 4760 Accounts Receivable 5160 Prepaid Advertising 185 Supplies 1040 Notes Receivable 3800 Interest Receivable 38 Total Current Assets $ 14983 Property, Plant and Equipment WY TOSHIBA AL AaBbCcDc AabbCcDc AaBbcc AaBbccc 1 Normal 1 No Spac... Heading 1 Heading 2 Find c Replace Select Paragraph Styles Editing Property, Plant and Equipment Equipment $ 11110 Less: Accumulated Depreciation Equipment $ 2398 8712 Total Assets T$ 23695 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable $ 2860 Salaries Payable 1670 Income Tax Payable 270 Deferred Revenue 1260 Een 1 8 2 Total Liabilities $ 6060 Shareholders' Equity Retained Earnings $ 4935 Common Shares 12700 Total Shareholders' Equity 17635 Total Liabilities and Shareholders' Equity $ 23695 uestion 1 of 1 8.947 12 Prepare the closing journal entries, assuming Coronado closes its books monthly. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation Aug 31 1 (To close revenue accounts) 2 Aug 31 I To close expense accounts) Aug GE (To dose net income/loss) gi revenue accounts) 2. Aug 31 (To close expense accounts) 3. Aug 31 (To close net income/loss) 4 Aug 31 (To transfer dividends declared) Attempts: 0 of 3 used Submit Answer uestion 1 of 1 8.94 / 12 Your Answer Correct Answer Your answer is correct. Coronado records adjustments monthly. Adjustment data for the month of August are as follows: 1. 2 3. 4 5. 6 One month's worth of advertising services have been received. The August rent has expired. Accrued salaries payable are $1.670 Depreciation for the month is $218. Supplies on hand at August 31 are $1.040. Services were performed to satisfy $880 of Deferred revenue One month of interest income related to the S3.800 note receivable has accrued. The note was issued on June 30 and is due October 31 and has a 6% annual interest rate. Interest is due at maturity. Income tax of $270 is estimated to be owed for the month of August 7 8 Prepare the August adjusting journal entries. (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Aug Advertising Expense 31 1 185 Prepad Adressing 185 2 31 Pant Experise 410 Piedald Rent 410 NO 9 Question 1 of 1 8.94/12 E an MEVUOTTA DECURE 1 Aug. 31 Advertising Expense 185 Prepaid Advertising 185 2 31 Rent Expense 410 Prepaid Rent 410 3. 31 Salaries Expense 1670 Salaries Payable 1670 4. 31 Depreciation Expense 218 Accumulated Depreciation - Equipment 218 5. 31 Supplies Expense 740 Supplies 740 6. 31 Deferred Revenue 880 Service Revenue 880 7. 31 Interest Receivable 19 Interest Income 19 8. 31 Income Tax Experse 270 Income Tax Payable 270 W 8.94 Prepare an adjusted trial balance as at August 31 CORONADO LTD. Adjusted Trial Balance August 31, 2021 Debit Credit Cash $ 4760 $ Accounts Receivable 5160 Prepaid Advertising 185 Supplies 1040 Notes Receivable 3800 Interest Receivable 38 Equipment 11110 Accumulated Depreciation - Equipment 2398 Accounts Payable 2860 Salaries Payable 1670 Income Tax Payable 270 Deferred Revenue 1260 Common Shares 12700 Retained Earnings 4669 Question 1 of 1 8.94 / 12 Income Tax Payable 270 Deferred Revenue 1260 Common Shares 12700 Retained Earnings 4669 Dividends Declared 510 Service Revenue 8740 Interest Income 19 Salaries Expense 6160 Rent Expense 410 Supplies Expense 740 Depreciation Expense 218 Income Tax Expense 270 Advertising Expense 185 $ 34586 $ 34586 Attempts: 2 of 3 used Question 1 of 1 8.94 / 12 Prepare an statement of income CORONADO LTD. Statement of Income Month Ended August 31, 2021 Revenues Service Revenue $ 8740 Interest Income 19 Total Revenue $ 8759 Expenses Salaries Expense 6160 i Rent Expense 410 i Supplies Expense 740 Depreciation Expense 2181 Advertising Expense 185 1 Total Expenses 7713 Income Before Income Tax 1046 Income Tax Expense 2701 Net Income $ 776 }e o w Puestion 1 of 1