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P3.3 (LO 2, 3, 4) Alena Co. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as
P3.3 (LO 2, 3, 4) Alena Co. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. Alena Co. Trial Balance September 30, 2020 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Share CapitalOrdinary Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Unadjusted Dr. Cr. $ 8,700 10,400 1,500 2,200 18,000 $ -O- 10,000 2,500 -0- -0- 1,900 22,000 1,600 16,000 1,410 8,000 1,900 Adjusted Dr. Cr. $ 8,700 11,500 650 500 18,000 $ 700 10,000 2,500 725 100 450 22,000 1,600 17,100 2,860 8,725 3,600 700 850 1,510 100 1,510 $53,810 $53,810 $56,435 $56,435 Instructions a. Journalize the adjusting entries that were made. b. Prepare an income statement and a retained earnings statement for the 3 months ending September 30 and a statement of financial position at September 30. c. If the note bears interest at 12%, how many months has it been outstanding? a) Using the data provided, prepare a Balance Sheet for Alena Ltd as at 30 September 2020, in the form and format required in this course. The Notes Payable is due 31 December 2021. b) Answer Instruction c
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