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AS205 Mid Term Exam Name____________________________ 1 West Laboratory adjusts and closes its accounts at the end of each month. The trial balance at September 30, 2010, before adjustments is as follows: The following information relates to month end adjustments: (a) Office supplies on hand September 30 amounted to $500. (b) The useful life of the medical equipment was estimated to be 20 years with no residual value. (c) Many patients pay in advance for major medical procedures. Fees of $6,000 were earned during the month by performing procedures on patients who had paid in advance. (d) Salaries earned by employees during the month but not yet recorded amounted to $2,300. (e) On September 1 West Laboratory had moved and paid 2 month's rent in advance. (f) Medical procedures performed during the month but not yet billed or recorded amounted to $4,600. Prepare adjusting entries required at September 30 Set up a worksheet. Using the above trial balance and the adjusting entries you prepared, complete an adjusted trial balance. 2 Preparation of financial statements Using the Adjusted Trial Balance shown below, prepare (a) an Income Statement, (b) a Statement of Retained Earnings and (c) Balance Sheet for All Star Repairs. 3 The accounts and their amounts for Belgrave Co. at December 31, 20__ are listed below. Prepare closing entries and an After-Closing Trial Balance