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The given trial balance of Badger Ranch Company pertains to December 31, 2016, which is the end of its year-long accounting period. Data needed for
The given trial balance of Badger Ranch Company pertains to December 31, 2016, which is the end of its year-long accounting period. Data needed for the adjusting entries include: a. Supplies on hand at year-end, $3,000. b. Depreciation on furniture and fixtures, $40,000. c. Depreciation on building, $25,000 d. Salaries owed but not yet paid, $4,000. e. Accrued service revenue, $18,000. f. Of the $45,000 balance of unearned service revenue, $32,000 was earned during the year. g. Accrued income tax expense, $30,000. DEBIT (S) CREDIT ($) 1 2 198,000 370,000 6,000 250,000 3 4 5 130,000 100,000 6 7 40,000 380,000 45,000 Badger Ranch Company Trial Balance December 31, 2016 Cash Accounts receivable Supplies Building Accumulated depreciation-building Furniture and fixtures Accumulated depreciation-furniture and fixtures Accounts payable Salary payable Unearned service revenue Income tax payable Common stock Retained earnings Dividends Service revenue Salary expense Supplies expense Depreciation expense-building Depreciation expense-furniture and fixtures Income tax expense Miscellaneous expense TOTAL 8 9 10 11 12 13 14 15 16 17 18 19 20 100,000 193,000 65,000 286,000 172,000 21 22 13,000 1,174,000 1,174,000 Requirements 1. Journalize the Badger Ranch Company adjusting entries at December 31, 2016. 2. Open the ledger accounts with their unadjusted balances. Post the adjusting entries to the accounts. 3. Prepare a worksheet for the adjusted trial balance. 4. Prepare the income statement, the statement of retained earnings, and the balance sheet. 5. And Close the books
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