The unadjusted trial balance for Brown Inc. follows. Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries

The unadjusted trial balance for Brown Inc. follows.

Additional information for accounting adjustments

A year$-$end count revealed $$2,000$ of supplies still available.

Annual depreciation expense on the equipment is $$1,000$

Unpaid and unrecorded salaries is $$2,000$ at year$-$end.

The note payable calls for annual interest of $8\%,$ payable each September $30.$ The principal amount of the note is not due for several years.

Adjusting Journal Entries

b$.$ Prepare the adjusted trial balance. Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries

The unadjusted trial balance for Brown Inc. follows.

Additional information for accounting adjustments

A year$-$end count revealed $$2,000$ of supplies still available.

Annual depreciation expense on the equipment is $$1,000.$

Unpaid and unrecorded salaries is $$2,000$ at year$-$end

The note payable calls for annual interest of $8\%,$ payable each September $30.$ The principal amount of the note is not due for several years.

Adjusting Journal Entries Adjusted Trial Balance $$

Closing Journal Entries

c$.$ Prepare the income statement for the year and the balance sheet at year$-$end.

Note: Do not use negative signs with your answers.

$-$Note: Use negative signs only in the 'Assets' section of the balance sheet for contra asset accounts. Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries

The unadjusted trial balance for Brown Inc. follows.

Additional information for accounting adjustments

A year$-$end count revealed $$2,000$ of supplies still available.

Annual depreciation expense on the equipment is $$1,000$

Unpaid and unrecorded salaries is $$2,000$ at year$-$end.

The note payable calls for annual interest of $8\%,$ payable each September $30.$ The principal amount of the note is not due for several years.

$\backslash$table$[[$Adjusting Journal Entries $,$ Adjusted Trial Balance $,$ Financial Statements,Closing Journal Entries$]]$

d$.$ Prepare the closing entries, using the Income Summary account to close out revenues and expenses.

Additional information for accounting adjustments

A year$-$end count revealed $$2,000$ of supplies still available.

Annual depreciation expense on the equipment is $$1,000.$

Unpaid and unrecorded salaries is $$2,000$ at year$-$end.

The note payable calls for annual interest of $8\%,$ payable each September $30.$ The principal amount of the note is not due for several years.

Adjusted Trial Balance Financial Statements Closing Journal Entries

a$.$ Record the required adjusting journal entries.