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Review Material Homework 2 1. Prepare all necessary adjusting entries for CGS at December 31, 2019. Assume that the company has made no adjusting entries throughout the year. Post the entries to T-accounts. For your adjusting entries, the following additional information is relevant: 1. As of December 31, CSG had 1,650 gallons of gasoline remaining from its bulk purchase on December 17. In addition, $220 of the other supplies have been used by December 31. 2. CSG calculates depreciation using the straight-line method and in the year it makes acquisitions and disposals, it calculates depreciation to the nearest month. CSG has not yet recorded any depreciation for 2019. Annual depreciation for the equipment held at the start of 2019 totals $7,300 and no equipment was purchased from January through November 2019. The new lawn mowers purchased on December 1 will last 5 years with no residual value after 5 years. 2. Prepared a properly formatted income statement for CGS for the year-ended December 31, 2019. Chapter 2 Review Assignment 1 Trial Balance (account balances) after posting journal entries to T-accounts Trial Balance Debit Credit Cash 45,200 Accounts Receivable 70,000 Supplies 6,740 Equipment 94,000 Accumulated Depreciation, Equipment 14,200 Accounts Payable 1,350 Common Stock 38,000 Retained earnings 57,740 Landscaping Service Revenue 344,600 Supplies expense 22,350 Wages expense 218,000 Rent expense 14,600 Utilities expense 7,000 Deferred revenue 2,400 Note Payable 24,000 Dividends 2,600 Prepaid Advertising 1,800 482,290 482,290