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Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 [The following information applies to the questions

Required information

Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3

[The following information applies to the questions displayed below.] A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date.

Unadjusted Trial Balance Adjusted Trial Balance
Cash $ 34,000 $ 34,000
Accounts receivable 14,000 22,000
Office supplies 16,000 2,000
Prepaid insurance 8,540 2,960
Office equipment 84,000 84,000
Accum. DepreciationOffice equip. $ 14,000 $ 20,000
Accounts payable 9,100 10,000
Interest payable 0 1,000
Salaries payable 0 7,000
Unearned consulting fees 18,000 15,000
Long-term notes payable 52,000 52,000
Common stock 15,000 15,000
Retained earnings 25,000 25,000
Dividends 5,000 5,000
Consulting fees earned 123,240 134,240
Depreciation expenseOffice equip. 0 6,000
Salaries expense 67,000 74,000
Interest expense 1,200 2,200
Insurance expense 0 5,580
Rent expense 14,500 14,500
Office supplies expense 0 14,000
Advertising expense 12,100 13,000
Totals $ 256,340 $ 256,340 $ 279,240 $ 279,240

Problem 3-4A Part 2

2(a-1) Prepare JKL Company's income statement for the year ended July 31, 2017. 2(a-2) Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $25,000, and the current-year dividends were $5,000. 2(b) Prepare JKL Company's the balance sheet as of July 31, 2017.

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