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The trial balance of Road Runner Internet, Inc., at July 31, 2020, follows: Adjusting data at July 31, 2020: a. Unearned service revenue still unearned,
The trial balance of Road Runner Internet, Inc., at July 31, 2020, follows: | ||||||
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Adjusting data at July 31, 2020: | ||||||
a. Unearned service revenue still unearned, $1,200. | ||||||
b. Prepaid rent still in force at July 31, $1,900. | ||||||
c. Supplies used during the month, $800. | ||||||
d. Depreciation for the month, $300. | ||||||
e. Accrued salary expense at July 31, $500. | ||||||
Requirements | ||||||
1. Journalize adjusting journal entries. | ||||||
2. Enter the trial balance on a worksheet and complete the worksheet for Road Runner Internet. | ||||||
3. Prepare the income statement, statement of retained earnings, and classified balance sheet in report form. | ||||||
4. Using the worksheet data that you prepared, journalize the closing entries and post the adjusting and closing entries to T-accounts. Use dates and show the ending balance of each account. | ||||||
5. Prepare a post-closing trial balance. | ||||||
6. Calculate the current and debt ratios for the company. | ||||||
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