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Need help figuring out the adjusted trial balance and questions 6-8 please! Elington Conjutting Trial Balance 4. Journalize and post the adjusting entries. a) One
Need help figuring out the adjusted trial balance and questions 6-8 please!
Elington Conjutting Trial Balance 4. Journalize and post the adjusting entries. a) One month of Insurance has expired. b) Supplies on hand on at the end of the month are $1,500. c) Accrued receptionist salary for the remainder of the month is $200. d) One month of rent was used. e) Unearned fees at the end of the month are $2,500. f) $3,500 of fees needs to be accrued g) Calculate the interest for one month on the Note Payable using a 4% interest rate. (Use the Note Payable account and round to nearest whole number.) h) Depreciation of office equipment for the month based on SL depreciation over 5 years. (Round to nearest whole number) i) Bad Debt is 1% of sales for the month. (Round to nearest whole number) (Hint: Use the revenue balance after other adiusting entries have been completed) 5. Prepare the adjusted trial balance for the end of the month. 6. Prepare an income statement, a statement of owner's equity, and a classified balance sheet. 7. Journalize and post the closing entries. (Income Summary is account $320 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 8. Prepare a post-closing trial balance for the end of the month. Eall 2n89 ACCOUNT NO. 155 Aecounts Payable ACCOUNT NO. 201 ACrocint Note Payable Acooutar so 205 keceoust Sialaries Payable MECFUAT NO. 210 ACcount. Salary Expense ACCOUNT NO 501 ACCOUNT: Supplies Expense ACCOUNT NO. 503 Elington Conjutting Trial Balance 4. Journalize and post the adjusting entries. a) One month of Insurance has expired. b) Supplies on hand on at the end of the month are $1,500. c) Accrued receptionist salary for the remainder of the month is $200. d) One month of rent was used. e) Unearned fees at the end of the month are $2,500. f) $3,500 of fees needs to be accrued g) Calculate the interest for one month on the Note Payable using a 4% interest rate. (Use the Note Payable account and round to nearest whole number.) h) Depreciation of office equipment for the month based on SL depreciation over 5 years. (Round to nearest whole number) i) Bad Debt is 1% of sales for the month. (Round to nearest whole number) (Hint: Use the revenue balance after other adiusting entries have been completed) 5. Prepare the adjusted trial balance for the end of the month. 6. Prepare an income statement, a statement of owner's equity, and a classified balance sheet. 7. Journalize and post the closing entries. (Income Summary is account $320 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 8. Prepare a post-closing trial balance for the end of the month. Eall 2n89 ACCOUNT NO. 155 Aecounts Payable ACCOUNT NO. 201 ACrocint Note Payable Acooutar so 205 keceoust Sialaries Payable MECFUAT NO. 210 ACcount. Salary Expense ACCOUNT NO 501 ACCOUNT: Supplies Expense ACCOUNT NO. 503 Step by Step Solution
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