On adjusted trial balance, the retained-earnings balance is a beginning balance that you will use it on the statement of retained earnings.

You are going to use all the numbers on adjusted trial balance when filling out the financial statements. Use the numbers on adjusted trial balance for the accounts on the financial statements, and the retained-earnings balance on balance sheet comes from the statement of retained earnings above.

BELOW YOU WILL FIND SCREENSHOTS OF MY PREVIOUS T ACCOUNTS ETC THAT PERTAIN TO THIS PROBLEM. THE DIRECTION FOR THE ABOVE TWO SCREENSHOTS , YOU ARE TO FILL OUT THE FINANCIAL STATMENTS ABOVE FROM WHAT I SUBMITTED ABOVE BY USING THE DOCUMENTS BELOW. IF YOU NEED OTHERS PLEASE LET ME KNOW I HAVE MORE.

X Times New... 14 ~A? Aav A E 21 C 2 BI 38 U v ab X x APA E == Styles Styles Pane Dictate Create and Share Request Adobe PDF Signatures 1. Fill out the financial statements below. (12 points) (Company Name) Income Statement For the Month Ended August 31, 2021 Sales Revenue Rent Expense Interest Expense Depreciation Expense Insurance Expense Supplies Expense Net Income (Company Name) Statement of Retained Earnings For the Month Ended August 31, 2021 Beginning Retained Earnings Add: Net Income Less: Dividends Ending Retained Earnings of 2 110 words EX English (United States) O Focus ES EE X Times New... 14 - AI Aav A E 21 C A-e 2 BI 38 U v ab X x ALA E Styles Styles Pane Dictate Create and Share Request Adobe PDF Signatures (Company Name) Balance Sheet As of August 31, 2021 Assets Liabilities Cash Accounts Payable Interest Payable Notes Payable Equity Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Total Assets Common Stock Retained Earnings Total Liabilities and Equity of 2 110 words CX English (United States) O Focus ES EE For Questions 1) through 4) below, prepare adjusting journal entries for the current month, August 2021. Each question is worth 1 point. (4 points) 1) The $10,000 bank loan (from Question 2) carries 6% annual interest, payable semi- annually on June 30 and December 31. The loan was taken out on August 15, 2021. Half month interest expense should be accrued. Interest Expense Interest Payable 25 ($10000 x 96 x 4 = 825) year month he hill. manche 2) The $3,000 equipment (from Question 4) has 5-year service life with no salvage value. The equipment was placed in service on August 15, 2021, and straight-line depreciation is used for the equipment. Half month depreciation expense should be accrued. 25 Depreciation Expense Accumulated Depreciation ($3000* * = 525) year mangh halt-month 3) The insurance on the equipment was bought when the equipment was placed in service on August 15, 2021. Half month insurance expense should be accrued. 25 Insurance Expense Prepaid Insurance ($ boot = $25) ox 25 month half-mouth 4) The company used about one third of supplies by the end of August. Supplies Expense so Supplies so ($150 x' = $50), General Ledger Assets = Liabilities + Equity Cash Common Stock Accounts Payable 10015 *** MODO Retained Earnings 225 50 Sales Revenue Notes Payable 10000 Rent Expense Accounts Receivable 350 225 Interest Payable 25 Interest Expense 25 Prepaid Insurance 60025 Depreciation Expense 25 Supplies 150 Insurance Expense 25 Equipment 3000 Supplies Expense 50 Dividends Accumulated Depreciation 25 For Questions 1 through 11, prepare journal entries for the transactions. Each question is worth 1 point. (11 points) Use the account titles that are provided on the next page on General Ledger. Example: The company bought a piece of land by paying $25,000 cash. Land 25,000 Cash 25.000 1. The company raised $5,000 cash by issuing common stock. Cash 5ooo Common Stock 2. The company raised $10,000 cash by taking out a bank loan for that amount Cash Notes Payable 700 3. The company made a service sales for $2,000 cash. Cash Equipment Sales Revenue 4. The company bought a piece of equipment for $3,000 cash. 3000 cash 3000 5. The company bought one-year insurance on the equipment for $600 cash. Prepaid Insurance boo Cash Goo 6. The company bought supplies for $150 on credit. supplies Accounts Payable 150 7. The company made a service sales of $350 on credit Accounts Receivable 350 Sales Revenue 8. The company received a cash payment of $225 from previous credit sales. Cash Accounts Receivable 225 9. The company paid $100 cash for the credit purchase of supplies. Accounts Payable Cash loo 10. The company paid rent expense of $450 in cash. Rent Expense Cash 11. The company paid $50 cash dividend. Dividends Cash 5 12. Post the journal entries for Questions through 11 to the T-accounts on the next page. (11 points) General Ledger Assets Liabilities + Equity Cash Common Stock Accounts Payable 10015 0 30 Retained Earnings ZOOO Roca 226 Notes Payable Sales Revenue loooo 350 Accounts Receivable Rent Expense 350 225 Interest Payable Interest Expense Prepaid Insurance 600 Depreciation Expense Supplies Insurance Expense Equipment 3000 Supplies Expense Accumulated Depreciation Dividends so Accounts (Company Name) Trial Balances As of August 31, 2021 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Closing Dr. Cr. Dr. Cr. Dr. Cr. . Dr. Cr. 13,025 13025 125 125 575 25 600 . Cash Accounts Receivable Prepaid Insurance Supplies 150 50 100 3000 Equipment 3,000 Accumulated Depreciation 25 Accounts Payable 50 Interest Payable 25 535 Notes Payable 10000 Soon 10,000 Common Stock 5,000 0 Retained Earnings Sales Revenue 2.350 235 450 Rent Expenses Interest Expense (so 25 25 Depreciation Expense Insurance Expense Supplies Expense 25 25 50 50 Dividends 50 Total 17,400 17,400