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please provide answers to the required questions Balke Laboratory began operations on July 1, 2014, and provides diagnostic services for physicians and medi cal clinics.
please provide answers to the required questions
Balke Laboratory began operations on July 1, 2014, and provides diagnostic services for physicians and medi cal clinics. The company's fiscal year ends on June 30, and the accounts are adjusted annually on this date Balke's unadjusted trial balance as of June 30, 2016, is as follows BALKE LABORATORY Unadjusted Trial Balance June 30, 2016 Debit Credit 9,200 6,000 31,300 $ 30,000 3,100 4,000 90,000 50,000 220,400 Common stock. . 58,000 22,000 $397,500 The following information is also available 1. The Prepaid Insurance account balance represents a premium paid on January 1,2016, for two years of fire and casualty insurance coverage. Before 2016, Balke Laboratory had no insurance protection. 2. The supplies were physically counted at June 30, 2016. The count totaled $6,300. 3. All laboratory equipment was purchased on July 1, 2014. It is expected to last nine years. 4. Balke Laboratory received a $4,000 cash payment on April 1,2016, from Boll Clinic for diagnostic services to be provided uniformly over the four months beginning April 1, 2016. Balke credited the payment to Diag- nostic Fees Received in Advance. The services for April, May, and June have been provided to Boll Clinic Unpaid wages at June 30, 2016, were $600 Balke Laboratory rents facilities for $2,000 per month. Because of cash flow problems, Balke was unable to pay the rent for June 2016. The landlord gave Balke permission to delay the payment until July 5. 6. Required a. Make the necessary adjusting entries as of June 30, 20106 b. Prepare the adjusted trial balance as of June 30, 2016 c. Prepare the Income Statement, Balance Sheet, and Statement of Stockholders' Equity for Balke Labora tory at June 30, 2016. Make the necessary closing entries as of June 30, 2016 Prepare the post-closing trial balance as of June 30, 2016 d. eStep by Step Solution
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