question is asking to prepare a balance sheet, retained earnings statement, income statement and trial balance for the adjusted entries

600 CLOSING ENTRIES Service Revenue 1,000 Income Summary 1,000 Entry to close revenue and reduce it to zero) into Income Summary Income Summary Salaries Expense 400 Utiles Expense 200 Entry to close exponisos (and reduce them to zero ito Income Surromary Income Summary 400 Retained Eamings Entry to close the balance of income Summary and reduce it to zeros into Retained Earnings. NOTE: This entry would be reversed there was a net loss. Retained Earings 50 Dividends 50 Entry to close Diwdonds and reduce to zoro directly into Rotained Earnings. EP 83-1 ACE opened an office on August 1. Prepare adjusting entries on August 31 for ACE (area to show calculations) During August ACE performed services for patients who had medical insurance. At August 31, $816 of such services was eamed but not yet billed to the insurance companies. Aug. 31 accounts receivable 876 Service revenue 816 Utility expenses incurred but not paid prior to August 31 totaled $824. Ulistes expense Ulisties payable ACE Purchased X-Ray equipment on August 1 for $90,000. paying $24,000, in cash and signing a $72,000, 3-year note payable. (Interest is paid each December 31. The equipment depreciates $480 per month.) a) Prepare the adjusting entry for the August depreciation on the X-Ray equipment Depreciation expense 480 Accumulated depreciation equipment 480 b) Prepare the adjusting entry to accrue interest on the note payable. Interest is $800 per month and paid each December 31. Interest expense 600 Interest payable ACE purchased a 1-year malpractice insurance policy on August 1 for $21,800. (The original entry was a debit to Prepaid Insurance and a credit to Cash) Insurance expense 1800 $21600 for 12 months Prepaid insurance 1000 21600/12 During August ACE purchased $2,100 of medical supplies. A. Aug. 31 it was determined that $420 of supplies were still on hand. Supplies expense 1680 Its $2100 supplies purchased and less Supplies 1680 for $420 supplies on hand. HINT: You might have to add additional accounts that are not yet listed on the April 30 trial balance above. 1) Insurance expires at the rate of $180 per month Insurance expense 180 Prepaid insurance 180 2) An inventory of supplies shows $810 of unused supplies on April 30. Supplies expense 750 Its $1560 opening Supplies 750 supplies and $810 less for unused supplies 3) Annual depreciation is $2,160 on the lodge and $1,800 on furniture. Depreciation expense lodge 2160 Accumulated depreciation-lodge 2160 Depreciation expense - furniture 1800 Accumulated depreciation furniture 1800 4) The mortgage interest rate is 9% (The mortgage was taken out on April 1). Interest expense 162 Its $21600'9%/12 Interest payable 162 months 5) Unearned rent of $900 has been earned. Unearned rent revenue 900 Rent revenue 900 6) Salaries of $450 are accrued and unpaid at April 30. 450 Salary expense Salarias payable 450 EP #3-2 Misfpuri State Lodge opened on April 1. Here is its trial balance before adjustment on April 30. Type of Normal Financial Acct Account Title Bal. Statement Debit Credit Asset debit balance Cash 1,500 Asset Debit balance Prepaid Insurance 1,080 asset Debit Balance Supplies 1,560 asset Debit Balance Land 9,000 asset Debit Balance Lodge 42,000 asset Debit Balance Furniture 10,080 Liability Credit Balance Accounts Payable 2,820 liability Credit Balance Unearned Rent Revenue 1,980 Liability Credit Balance Mortgage Payable 21,600 equity Credit Balance Common Stock (1,000 36,000 Shares) Contra Debit Retained Dividends 500 equity earnings Revenue Credit Income Rent Revenue 5,900 expense Debit Income Salaries & Wages Expense 1,800 Expense Debit Income Utilities Expense 480 expense Debit income Advertising Expense 300 $68,300 $68,300 (EP #3-2 Continued) Missouri State Lodge Retained Earnings Statement For the Month Ended April 30 Retained Eamings, April 1 $ Plus: Net Income Less: Dividends Retained Eamings, April 30 $ Missouri State Lodge Balance Sheet April 30 Assets Current Assets Cash $ Supplies Prepaid Insurance Total Current Assets Property, Plant and Equipment Land Lodge, net of acc depreciation Furniture, net of acc depreciation Total Property. Plant and Equipment $ Total Assets Liabilities and Stockholder's Equity Current Liabilities Accounts Payable Uneamed Rent Revenue $ $ $ Salaries & Wages Payable Interest Payable Total Current Liabilities Mortgage Payable Total Liabilities Stockholders' Equity Common Stock (1.000 shares) Retained Eamnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity $ $ Accounts that are closed (EP #3-2 Continued Prepare Ad usted Trial Balance and Financial Statements for April Missouri State Lodge, Adjusted Trial Balance, April 30 Account Title Debit Balances Credit Balances Cash Supplies Prepaid Insurance Land Lodge Accumulated Depreciation - Lodge Furniture Accumulated Depreciation - Furniture Accounts Payable Uneamed Rent Revenue Salaries & Wages Payable Interest Payable Mortgage Payable Common Stock (1,000 shares) Dividends Rent Revenue Salaries & Wages Expense Supplies Expense Ulities Expense Advertising Expense Insurance Expense Depreciation Expense - Lodge Interest Expense Depreciation Expense - Furniture Total $ Missouri State Lodge Income Statement For the Month Ended April 30 Revenues Rent Revenue Expenses Salaries & Wages Expense Supplies Expense Utilities Expense Advertising Expense Insurance Expense Depreciation Expense - Lodge Interest Expense Depreciation Expense - Furniture Total Expenses Net Income S EPS + (EPL 2 Continued Prepare the closing entries and post the closing entries to T-accounts on page 22 Close the Revenue accounts: Rent Revenue Income Summary Close the Expense account(s); Income Summary Salaries & Wages Expense Supplies Expense Utilities Expense Advertising Expense Insurance Expense Depreciation Expense Lodge Interest Expense Depreciation Expense - Furniture Close the Income Summary account: Income Summary Retained Earings Close the Dividends account: Retained Eamings Dividends EP #3-2 (continued) Prepare the Post-Closing Trial Balance for April Missouri State Lodge, Post-Closing Trial Balance, April 30 Account Title Debit Balances Credit Balances Cash Supplies Prepaid insurance Land Lodge Accumulated Depreciation. Lodge Furniture Accumulated Depreciation - Furniture Accounts Payable Uneamed Rent Revenue Salaries & Wages Payable Interest Payable Mortgage Payable Common Stock (1,000 shares) Retained Eamings Total (EP #3-2 Continued) Post adjusting entries made on April 30 to the T-account General Ledger given below: HINT: The April transactions made prior to the above adjusting entries have already been posted into the accounts resulting in the balances given below. Cash Prepaid Insurance Supplies 4/30 Bal 1,500 4/30 Bal 100 4/30 Bal 1,560 Land 4/30 8.000 Lodge 4/30 Bal 42,000 Accumulated Depreciation - Lodge Furniture 4/30 Bal 10,080 Accumulated Depreciation - Funtare Accounts Payable 4/30 Bal 2,820 Unearned Rent Revenue 4730 Bal 1,980 Salaries & Wages Payable Interest Parke Mortgage Payable 4/30 Bal 21,600 Common Stock 4/30 Bal 36,000 Dividends 500 4/30 Bal Retained Earnings Income Summary Rent Revenue 4/30 Bal 5,900 Salaries & Wages Expense 4/30 Bal 1,000 Ultes Expense 4/30 Bal 480 Advertising Expense 4/30 Bal 300 Interest Expense Insurance Expense Supplies Expense Depreciation Expense - Lodge Depreciation Expense. Fumbre 600 CLOSING ENTRIES Service Revenue 1,000 Income Summary 1,000 Entry to close revenue and reduce it to zero) into Income Summary Income Summary Salaries Expense 400 Utiles Expense 200 Entry to close exponisos (and reduce them to zero ito Income Surromary Income Summary 400 Retained Eamings Entry to close the balance of income Summary and reduce it to zeros into Retained Earnings. NOTE: This entry would be reversed there was a net loss. Retained Earings 50 Dividends 50 Entry to close Diwdonds and reduce to zoro directly into Rotained Earnings. EP 83-1 ACE opened an office on August 1. Prepare adjusting entries on August 31 for ACE (area to show calculations) During August ACE performed services for patients who had medical insurance. At August 31, $816 of such services was eamed but not yet billed to the insurance companies. Aug. 31 accounts receivable 876 Service revenue 816 Utility expenses incurred but not paid prior to August 31 totaled $824. Ulistes expense Ulisties payable ACE Purchased X-Ray equipment on August 1 for $90,000. paying $24,000, in cash and signing a $72,000, 3-year note payable. (Interest is paid each December 31. The equipment depreciates $480 per month.) a) Prepare the adjusting entry for the August depreciation on the X-Ray equipment Depreciation expense 480 Accumulated depreciation equipment 480 b) Prepare the adjusting entry to accrue interest on the note payable. Interest is $800 per month and paid each December 31. Interest expense 600 Interest payable ACE purchased a 1-year malpractice insurance policy on August 1 for $21,800. (The original entry was a debit to Prepaid Insurance and a credit to Cash) Insurance expense 1800 $21600 for 12 months Prepaid insurance 1000 21600/12 During August ACE purchased $2,100 of medical supplies. A. Aug. 31 it was determined that $420 of supplies were still on hand. Supplies expense 1680 Its $2100 supplies purchased and less Supplies 1680 for $420 supplies on hand. HINT: You might have to add additional accounts that are not yet listed on the April 30 trial balance above. 1) Insurance expires at the rate of $180 per month Insurance expense 180 Prepaid insurance 180 2) An inventory of supplies shows $810 of unused supplies on April 30. Supplies expense 750 Its $1560 opening Supplies 750 supplies and $810 less for unused supplies 3) Annual depreciation is $2,160 on the lodge and $1,800 on furniture. Depreciation expense lodge 2160 Accumulated depreciation-lodge 2160 Depreciation expense - furniture 1800 Accumulated depreciation furniture 1800 4) The mortgage interest rate is 9% (The mortgage was taken out on April 1). Interest expense 162 Its $21600'9%/12 Interest payable 162 months 5) Unearned rent of $900 has been earned. Unearned rent revenue 900 Rent revenue 900 6) Salaries of $450 are accrued and unpaid at April 30. 450 Salary expense Salarias payable 450 EP #3-2 Misfpuri State Lodge opened on April 1. Here is its trial balance before adjustment on April 30. Type of Normal Financial Acct Account Title Bal. Statement Debit Credit Asset debit balance Cash 1,500 Asset Debit balance Prepaid Insurance 1,080 asset Debit Balance Supplies 1,560 asset Debit Balance Land 9,000 asset Debit Balance Lodge 42,000 asset Debit Balance Furniture 10,080 Liability Credit Balance Accounts Payable 2,820 liability Credit Balance Unearned Rent Revenue 1,980 Liability Credit Balance Mortgage Payable 21,600 equity Credit Balance Common Stock (1,000 36,000 Shares) Contra Debit Retained Dividends 500 equity earnings Revenue Credit Income Rent Revenue 5,900 expense Debit Income Salaries & Wages Expense 1,800 Expense Debit Income Utilities Expense 480 expense Debit income Advertising Expense 300 $68,300 $68,300 (EP #3-2 Continued) Missouri State Lodge Retained Earnings Statement For the Month Ended April 30 Retained Eamings, April 1 $ Plus: Net Income Less: Dividends Retained Eamings, April 30 $ Missouri State Lodge Balance Sheet April 30 Assets Current Assets Cash $ Supplies Prepaid Insurance Total Current Assets Property, Plant and Equipment Land Lodge, net of acc depreciation Furniture, net of acc depreciation Total Property. Plant and Equipment $ Total Assets Liabilities and Stockholder's Equity Current Liabilities Accounts Payable Uneamed Rent Revenue $ $ $ Salaries & Wages Payable Interest Payable Total Current Liabilities Mortgage Payable Total Liabilities Stockholders' Equity Common Stock (1.000 shares) Retained Eamnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity $ $ Accounts that are closed (EP #3-2 Continued Prepare Ad usted Trial Balance and Financial Statements for April Missouri State Lodge, Adjusted Trial Balance, April 30 Account Title Debit Balances Credit Balances Cash Supplies Prepaid Insurance Land Lodge Accumulated Depreciation - Lodge Furniture Accumulated Depreciation - Furniture Accounts Payable Uneamed Rent Revenue Salaries & Wages Payable Interest Payable Mortgage Payable Common Stock (1,000 shares) Dividends Rent Revenue Salaries & Wages Expense Supplies Expense Ulities Expense Advertising Expense Insurance Expense Depreciation Expense - Lodge Interest Expense Depreciation Expense - Furniture Total $ Missouri State Lodge Income Statement For the Month Ended April 30 Revenues Rent Revenue Expenses Salaries & Wages Expense Supplies Expense Utilities Expense Advertising Expense Insurance Expense Depreciation Expense - Lodge Interest Expense Depreciation Expense - Furniture Total Expenses Net Income S EPS + (EPL 2 Continued Prepare the closing entries and post the closing entries to T-accounts on page 22 Close the Revenue accounts: Rent Revenue Income Summary Close the Expense account(s); Income Summary Salaries & Wages Expense Supplies Expense Utilities Expense Advertising Expense Insurance Expense Depreciation Expense Lodge Interest Expense Depreciation Expense - Furniture Close the Income Summary account: Income Summary Retained Earings Close the Dividends account: Retained Eamings Dividends EP #3-2 (continued) Prepare the Post-Closing Trial Balance for April Missouri State Lodge, Post-Closing Trial Balance, April 30 Account Title Debit Balances Credit Balances Cash Supplies Prepaid insurance Land Lodge Accumulated Depreciation. Lodge Furniture Accumulated Depreciation - Furniture Accounts Payable Uneamed Rent Revenue Salaries & Wages Payable Interest Payable Mortgage Payable Common Stock (1,000 shares) Retained Eamings Total (EP #3-2 Continued) Post adjusting entries made on April 30 to the T-account General Ledger given below: HINT: The April transactions made prior to the above adjusting entries have already been posted into the accounts resulting in the balances given below. Cash Prepaid Insurance Supplies 4/30 Bal 1,500 4/30 Bal 100 4/30 Bal 1,560 Land 4/30 8.000 Lodge 4/30 Bal 42,000 Accumulated Depreciation - Lodge Furniture 4/30 Bal 10,080 Accumulated Depreciation - Funtare Accounts Payable 4/30 Bal 2,820 Unearned Rent Revenue 4730 Bal 1,980 Salaries & Wages Payable Interest Parke Mortgage Payable 4/30 Bal 21,600 Common Stock 4/30 Bal 36,000 Dividends 500 4/30 Bal Retained Earnings Income Summary Rent Revenue 4/30 Bal 5,900 Salaries & Wages Expense 4/30 Bal 1,000 Ultes Expense 4/30 Bal 480 Advertising Expense 4/30 Bal 300 Interest Expense Insurance Expense Supplies Expense Depreciation Expense - Lodge Depreciation Expense. Fumbre