Required 1. Prepare T-accounts for all accounts AND KEEP THEM UP TO DATE (see 2 & 6 below) 2. Prepare formal adjusting journal entries (KEEP T-accounts up to date) 3. Complete the trial balance 4. Prepare the formal Income Statement 5. Prepare the formal Balance Sheet 6. Prepare formal closing journal entries (KEEP T-accounts up to date) 7. Prepare a post-closing trial balance. Trial Balance Worksheet Company Name: BURT SMALL COMPANY For Month Ended: 12/31/20XX T-accounts Cash 25,000 Prepaid Insurance 12,000 Supplies 2,500 Equipment 100,000 100,000 12,000 118,800 tot. assets = Accum. Depr. Equip Begin Bal 2,000 AP Unearned Revenue Sal.Wages Pay. 1,200 5,000 10,000 (Not a formal IS) [Not a formal BS) Unadjusted Adjusted Trial Balance Adjustments Trial Balance Income Statement Balance Sheet Account Titles Cash Dr. Cr. Dr. C. Dr. C Dr. Cr. Dr. Cr. 25,000 Prepaid Insurance 12,000 Supplies 2,500 Equipment 100,000 Accum. Depr. Equip. 2,000 10,000 12,000 AP 1,200 Unearned Revenue 5,000 Salaries Payable Burt Small, Capital 99,000 Burt Small, Withdrawals 2,000 Retained Earnings Revenue 59,800 Salaries Expense 18,300 Rent Expense 6,000 Insurance Expense Supplies Expense Depreciation Expense Miscellaneous Expense 10,000 10,000 10,000 1,200 167,000 167.000 10.000 10.000 10.000 12,000 21,900 21,900 177,700 177,700 10,000 40,900 Additional information for adjustments (ie., Adjusting Journal Entries): a. Expired insurance, $3000. 62,300 4,400 tot. liab 12,000 1200 + Burt Small Capital 21,400 114,400 tot. equity 118,800 99,000 B. Small Withdrawals 2,000 Begin Bal. Retained Earnings 21,400 135,800 136,800 Net Income/Retained Earnings 21,400 b. Unused supplies, per 12/31 inventory, $800. c. Estimated depreciation, $10,000. (this a DR to Depreciation Expense and a CR to Accum. Depreciation COMPLETED d. Your employees earned $700 in salaries but you haven't paid them yet e. By December 31 Burt has earned $2,500 of the prepayment (ie., Uneamed Revenue) received on December 1 f. Burt withdraw $4,000 cash for a new computer for his personal use 99,000 21,400 Retained Earnings Net Income Revenue 59,800 Salaries expense 18,300 Rent Expense 6,000 Insurance Expense 6,000 Supplies Expense Depreciation Exp. 10,000