P4-31A Completing the accounting cycle from adjusting entries to post-closing Completing the Accounting Cycle trial balance with an optional worksheet The snadjusted trial balance of Williamson Anvils at December 31, 2016. and the data for the adjustments follow: 229 Learning Objectives 1, 2. 3 4,5, 6 5. Net Income $19.890 WILLIAMSON ANVILS Unadjusted Trial Balance December 31, 2016 Balance Account Title Debit Cash Credit $ 16370 Accounts Receivable 16,500 Prepaid Rent 2,530 Office Supplies 1,800 Equipment Accumulated Depreciation-Equipment 29,000 10,000 Accounts Payable 6,600 Salaries Payable Unearned Revenue 7,200 Williamson, Capital 28,000 Williamson, Withdrawals 3,500 Service Revenue 20.500 Salaries Expense 2,600 Rent Expense Depreciation Expense-Equipment Supplies Expense Total $ 72,300 $72,300 *ending copita 4,390 Adjustment data: a. Uncarned Revenue still unearned at December 31, $3,300. 3nalid baanuat $4.520 b. Prepaid Rent still in force at December 31, $2,400. c. Office Supplies used, $1,200. d. Depreciation, $350. e. Accrued Salaries Expense at December 31, $230. every inge Itcm 1. Open the T-accounts using the balances in the unadjusted trial balance. Requirements istea dger 2 Complete the worksheet for the year ended December 31, 2016. (optional) 3. Prepare the adjusting entries, and post to the accounts. 4. Prepare an adjusted trial balance.2 880 5. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. Assume that there were no contributions made by the owner during the year. CHAPTER 4 6. Prepare the closing entries, and post to the accounts. 7. Prepare a post-closing trial balance. 8. Calculate the current ratio for the company 4,310