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The trial balance for Happy Company is as follows: In addition to those accounts listed on the trial balance, the chart of accounts for Badger
The trial balance for Happy Company is as follows: In addition to those accounts listed on the trial balance, the chart of accounts for Badger Motel, Inc, also contains the following accounts and account numbers: Other data: (a) A count of supplies shows $1.100 of unused supplies on December 31. (b) Three-fourths of the unearned rent revenue has been recognized for services performed. (c) Prepaid insurance is a 1-year policy starting July 1. 2016. (d) The interest rate on notes payable is 12%. The 4-year notes payable was issued on January 1 2016. $6,000 of the notes payable become due in 2017. (e) Annual depreciation is $2, 300 on the buildings. Instructions: Prepare the adjusting entries for the year of 2016. Prepare an income statement for the year of 2016. Prepare a retained earnings statement for the year of 2016. Prepare a classified balance sheet at December 31. 2016. Prepare dosing entries at December 31, 2016. Post to related ledger accounts using the standard three column form. Prepare a post-closing trial balance at December 31, 2016
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