Question
The trial balance of Large Company, Inc. at the end of its annual accounting period is as follows: LARGE COMPANY, INC. Trial Balance December 31,
The trial balance of Large Company, Inc. at the end of its annual accounting period is as follows:
LARGE COMPANY, INC. Trial Balance December 31, 2017 | ||
|
|
|
Cash....................................................................... | $ 6,000 |
|
Prepaid Insurance................................................. | 1,600 |
|
Supplies ............................................................... | 2,100 |
|
Equipment ............................................................ | 20,000 |
|
Accumulated DepreciationEquipment.............. |
| $ 2,000 |
Retained Earnings ............................................... |
| 19,000 |
............................................................................... |
|
|
Revenue................................................................. |
| 33,000 |
Salaries Expense................................................... | 18,300 |
|
Rent Expense ....................................................... | 6,000 | ______ |
Totals..................................................................... | $54,000 | $54,000 |
Additional information:
- Expired insurance, $600.
- Unused supplies, per inventory, $800.
- Estimated depreciation, $1,000.
- Earned but unpaid salaries, $700
Required
- Prepare adjusting entries.
- Prepare adjusted Trial Balance
- Prepare an Income Statement
- Prepare a Retained Earnings Statement
- Prepare closing entries.
Prepare a post-closing trial balance
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