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please help with all parts of the problem The data needed to determine year-end adjustments are as follows: i. Supplies on hand at March 31
please help with all parts of the problem
The unadjusted trial balance of Theranos LLC at the end of the fiscal year, follows: Theranos LLC Unadjusted Trial Balance As of March 31, 2022 The data needed to determine year-end adjustments are as follows:
i. Supplies on hand at March 31 are $10,000.
ii. Insurance premiums expired during year are $1,800.
iii. Depreciation of the computer during year is $400.
iv. Depreciation of the vehicle during year is $1,000.
v. Revenue earned but not billed at March 31 is $1,500.
Instructions:
a. For each account listed on the trial balance, enter the balance in the appropriate Balance
column of a T account.
b. Journalize the adjusting entries. The following additional accounts should be used:
i. Accounts Receivable, 12;
ii. Depreciation ExpenseVehicle, 55;
iii. Depreciation ExpenseComputer, 56;
iv. Insurance Expense, 57.
c. Post the adjusting entries to the T accounts created in part a.
d. Prepare an adjusted trial balance.
e. Prepare an income statement, a retained earnings statement, and a balance sheet.
f. Journalize and post the closing entries to the T accounts created in part a. (Income Summary is
account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both the
debit and credit side of the relevant T accounts.
g. Prepare a post-closing trial balance.
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