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The unadjusted trial balance of Newport Inn Company at December 31, 2016, and the data needed for the adjustments follow. Adjustment data at December 31 follow: As of December 31, Newport had $600 of Prepaid Insurance remaining b. At the end of the month, Newport had $700 of office supplies remaining c. Depreciation on the building is $3.500 d. Newport pays ts employees weekly on Friday. Its employees cam 31.500 for a live-day workweek. December 31 fals on Wednesday this year. ..On November 20, Newport contracted to perform services for a client receiving $2.500 in advance. Newport recorded this receipt of cash as Uneamed Revenue. As of December 31 Newport has $1,500 tl neamed Newport Inn Company Unadjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit $ 11900 Accounts Receivable 13900 Prepaid Insurance Office Supplies 1100 Cash Building 515000 Accumulated Depreciation-Building Accounts Payable Unearned Revenue Capital Withdrawals Service Revenue 350000 4500 2500 175620 2170 18200 REQUIREMENTS A) Post the transactions from the unadjusted trial balance to the accounts in the lediger. B) Record adjusting entries in the general Journal and post the accounts in the ledger. C) Prepare a adjusted trial balance, income statement, statement of owner's equity and balance sheet. D) Record closing entries in the general journal and post the accounts in the ledger Salaries Expense 2500 Advertising Expense TOTAL 750 550820 550820 T-TABLES 03 OWNER'S EG 03 TRIAL BALANCE 03 INCOME STATEMENT The unadjusted trial balance of Newport Inn Company at December 31, 2016, and the data needed for the adjustments follow. Adjustment data at December 31 follow: As of December 31, Newport had $600 of Prepaid Insurance remaining b. At the end of the month, Newport had $700 of office supplies remaining c. Depreciation on the building is $3.500 d. Newport pays ts employees weekly on Friday. Its employees cam 31.500 for a live-day workweek. December 31 fals on Wednesday this year. ..On November 20, Newport contracted to perform services for a client receiving $2.500 in advance. Newport recorded this receipt of cash as Uneamed Revenue. As of December 31 Newport has $1,500 tl neamed Newport Inn Company Unadjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit $ 11900 Accounts Receivable 13900 Prepaid Insurance Office Supplies 1100 Cash Building 515000 Accumulated Depreciation-Building Accounts Payable Unearned Revenue Capital Withdrawals Service Revenue 350000 4500 2500 175620 2170 18200 REQUIREMENTS A) Post the transactions from the unadjusted trial balance to the accounts in the lediger. B) Record adjusting entries in the general Journal and post the accounts in the ledger. C) Prepare a adjusted trial balance, income statement, statement of owner's equity and balance sheet. D) Record closing entries in the general journal and post the accounts in the ledger Salaries Expense 2500 Advertising Expense TOTAL 750 550820 550820 T-TABLES 03 OWNER'S EG 03 TRIAL BALANCE 03 INCOME STATEMENT
