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CHAPTER 4 4-26 Financial chapter 4 > Check Your Understanding Check your understanding of the chapter by completing this problem and then looking at the solution. Use this practice to belp identify which sections of the chapter you need to study more. The adjusted trial balance of Martinez Advertising Services, at December 31, 2024, follows. This is the first year of operations. Account Title Cash MARTINEZ ADVERTISING SERVICES Adjusted Trial Balance December 31, 2024 Accounts Receivable Office Supplies Land Building Accumulated Depreciation Building Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Martinez, Capital Martinez, Withdrawals Service Revenue Salaries Expense Supplies Expense Depreciation Expense-Building. Depreciation Expense- Furniture Advertising Expense Total Debit $ 6,000 6,300 200 10,000 42,000 Home Acting Votime 1 ACC 122 Cintom Eddess for Borough of Manhattan Balance 8,000 25,000 16,500 800 1,000 2,000 3,000 $ 120,800 Credit $ 24,000 6,000 2,000 500 5,000 7,000 12,000 64,300 $ 120,800 Requirements 1. Prepare the income statement for the year ended December 31, 2024. (See Learning Objective 1) 2. Prepare the statement of owner's equity for the year ended December 31, 2024. (See Learning Objective 1) 3. Prepare the classified balance sheet at December 31, 2024. Use the report form. (See Learning Objective 1) I

> Check Your Understanding The adjusted trial balance of Martinez Advertising Services, at December 31, 2024, follows. This is the fint year of operations Requirements 1. Prepare the income statement for the year ended December 31, 2024. (See Learning Objective 1) 2. Prepare the sbatement of cowner's equity for the year ended December 31, 2024. (See Learning Objective 1) 3. Prepare the claswified balance sheet at December 31, 2024. Uie the report form. (See Learning Objectre I)