PART I

GIVEN: Picking up from the output of our midterms is the trial balance as of Oct $31.$ See below.

At the end of the month, the following adjustments were noted by the company's accountant:

a$.$ At the end of the month, supplies left is $200.$

b$.$ Equipment depreciates at a rate of $1,000$ per month.

c$.$ Due to an earlier cutoff, accrued salaries amounted to $2,000$ at the end of the month.

INSTRUCTIONS:

Produce an adjusted trial balance and prepare both the Income Statement and Balance Sheet afterwards.

Assuming Oct $31$ is the last day of the fiscal year, close the temporary accounts to permanent accounts via a

general journal and ledger and produce a post$-$close trial balance. NO NEED TO PREPARE THE INCOME

STATEMENT AND BALANCE SHEET AGAIN.