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. required answer according to photos Following is the unadjusted trial balance of Rudolph Corporation at the end of its first year of operations, Deremher
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required answer according to photos
Following is the unadjusted trial balance of Rudolph Corporation at the end of its first year of operations, Deremher 31.2022 : The following additional information is available: a. Prepaid insurance was for a 1 year policy that was purchased on February 1st. b. A physical count indicates that $1,250 of supplies is still on hand at December 31. c. The equipment was purchased on January 1 and is expected to be used for 10 years. d. Our employees worked during the last 5 days of December. They earn 200 per day and will be paid in the next pay period that falls in the next year. We have 3 employees. e. The balance in the Unearned Rent Revenue account represents 8 months rental of warehouse space, effective August 1st. f. Prepaid advertising is for a 5-month contract that started on November 1st.. g. Income taxes expense for the year has been calculated to be 20,000 . Required: 1. Prepare all necessary adjusting entries on December 31, 2022. Do not use Dec, 31 in your entries. Use the letter reference instead. 2. Prepare an adjusted trial balance on December 31,2022. 3. Prepare an income statement, statement of changes in equity, and statement of financial position. 4. Prepare closing entries for end of year. 5. Prepare a post-closing trial balanceStep by Step Solution
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