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The trail balance for the period ended on 30/12/1431 Account Trail Balance Adjustments Adjusted Trail Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr.
The trail balance for the period ended on 30/12/1431
| Account | Trail Balance | Adjustments | Adjusted Trail Balance | Income Statement | Balance Sheet | |||||
| Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | |
| Cash | 10,000 | |||||||||
| Supplies | 5,000 | |||||||||
| Equipment | 15,000 | |||||||||
| Prepaid insurance | 2,400 | |||||||||
| Account Receivables | 1,000 | |||||||||
| Accumulated Depreciation | 6,000 | |||||||||
| Account payable | 5,000 | |||||||||
| Notes payable | 1,900 | |||||||||
| Salaries | 11,000 | |||||||||
| Rent | 6,000 | |||||||||
| Revenues | 21,000 | |||||||||
| Dividends | 500 | |||||||||
| Retained Earnings | 3,500 | |||||||||
| Common Stock | 13500 | |||||||||
| 50,900 | 50,900 | |||||||||
Other Data
- 1,200 of Supplies have remained at the end year.
- The insurance is for two years starting 1/7/1431
- The rent is for one year starting 1/3/1431
- Services provided during the period ended on 30/12/1431, but not recorded as of the 30/12/1431 worth of 1,500.
- The depreciation expense for the equipment the period ended on 30/12/1431 is 3,000.
- Salary expense listed above is for 11 months. The salary for December has not been paid yet.
Required:
- Prepared the worksheet.
- Prepare the balance sheet and the income statement.
- Journalize the closing entries
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