P4-29A Preparing a worksheet, financial statements, and closing entries

The unadjusted trial balance of FugazyInvestment Advisers at December 31, 2014, follows:

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Adjustment data at December 31, 2014:

a. Unearned Revenue earned during the year, $500.

b. Office supplies on hand, $1,000.

c. Depreciation for the year, $6,000.

d. Accrued Salaries Expense, $1,000.

e. Accrued Service Revenue, $4,000.

Requirements

1. Prepare a worksheet for FugazyInvestment Advisers at December 31, 2014.

2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year.

3. Prepare closing journal entries.

Learning Objectives:

Total Assets $91,000