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Question 1: Below are the accounts of Andy Brown Inc for 3 months ending March 31st/2022. Cash $14,000 Accounts receivable $32,000 Prepaid insurance $16,800 Equipment
Question 1: Below are the accounts of Andy Brown Inc for 3 months ending March 31st/2022. Cash $14,000 Accounts receivable $32,000 Prepaid insurance $16,800 Equipment $102,000 Accumulated depreciation, equipment $23,000 Accounts payable $19,000 Aby Cohen, capital \$213,000 Aby Cohen, withdrawals $102,000 Revenues $214,000 Depreciation expense, equipment $0 Salaries expense \$ 187,700 Insurance expense $14,500 Additional Data: a) Annual depreciation of equipment: $11,500 b) Used prepaid insurance: $12,000 c) Unbilled and unrecorded revenues at year end $31,000 Requirement: 1. Prepare the unadjusted Trial Balance for the quarter ending March 31/2022 2. Show the posting of the adjusting entries per the additional data given in the question 3. Prepare the adjusted Trial Balance for the quarte March 31/2022 4. Prepare March 31/2022 Income Statement 5. Prepare March 31/2022 Statement of Equity 6. Prepare March 31/2022 Balance Sheet
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