Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the

image text in transcribed
image text in transcribed
Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the questions displayed below) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance $ 97,940 14,000 17,800 10,240 83,000 $ 24,000 8,100 @ Cash Accounts receivable Office Supplies Prepaid insurance office equipment Accum. Depreciation-office equip. Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable 3. Logan, Capital 3. Logan, withdrawals Consulting fees earned Depreciation expense-office equip. Salaries expense Interest expense Insurance expense Rent expense office supplies expense Advertising expense Totals 24,000 56,000 46,000 Adjusted Trial Balance $ 97,940 21.000 9,500 2,960 83,000 $ 30,000 22,000 2,500 9,000 16,000 56,000 46,000 7,000 183,000 6,000 76,490 3,800 7,280 14,820 8,300 26,410 $364.500 $364.500 7,000 168,000 67,490 1,300 14,820 @ 12,510 $ 326.100 $326.100 Problem 3-4A Part 2 2(0-1) Prepare JKL Company's income statement for the year ended July 31. 2(0-2) Prepare JKL Company's statement of owner's equity for the year ended July 31. Note: J. Logan, Capital at July 31 of the prior year was $46,000, and the current-year withdrawals were $7,000. 2(b) Prepare JKL Company's the balance sheet as of July 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditors Guide To Information Systems Auditing

Authors: Richard E. Cascarino

1st Edition

0470009896, 978-0470009895

More Books

Students also viewed these Accounting questions

Question

Differentiate the function. r(z) = 2-8 - 21/2 r'(z) =

Answered: 1 week ago