Question 3

4A-7. The unadjusted trial balance of OLYMPIA Corporation as of November 30, 20x1, is shown on the next page. Data needed for the end-of-month adjustments is as follows: Adjustment information: a. Remaining prepaid rent on November 30 is $1,300. b. Supplies on hand at the end of the month were $300 c. Monthly depreciation was $2,000. d. Additional accrued salary expense at the end of the month was $4,000 e. $1,100 of commission revenue remained unearned at the end of the month. f. Additional interest accrued on money borrowed from the bank by Olympia was $800 as of the end of the month. Required: 1. Open the ledger accounts listed in the trial balance in T-account format showing the beginning account balances as given. Make the adjusting entries to these accounts using the appropriate letter to mark each entry. 2. Make the closing entries to the T-accounts, using appropriate letters to mark each one, and calculate the ending balances for each account. 3. Prepare the income statement, balance sheet, and statement of changes in retained earnings for OLYMPIA