Question
The unadjusted trial balance of FarrellFarrell Investment Advisers at DecemberDecember 3131 , 20182018 , follows: LOADING... (Click the icon to view the unadjusted trial balance.)
The unadjusted trial balance of
FarrellFarrell
Investment Advisers at
DecemberDecember
3131 ,
20182018 ,
follows:
LOADING...
(Click the icon to view the unadjusted trial balance.) Adjustment data at
DecemberDecember
3131 ,
20182018 :
LOADING...
(Click the icon to view the adjustments.)
Requirements
1. | Prepare a worksheet for FarrellFarrell Investment Advisers atDecemberDecember 3131 , 20182018. |
2. | Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format. |
3. | Prepare closing entries. |
Requirement 1. Prepare a worksheet for
FarrellFarrell
Investment Advisers at
DecemberDecember
3131 ,
20182018.
The unadjusted balances have been entered for you in the trial balance columns of a worksheet. Complete the worksheet one section at a time beginning with the Adjustments section. Enter the adjustments along with the adjustment letter
referenceslong dash (a),
(b), (c),
etc.long dashinto
the columns as appropriate. In the following step, complete the Adjusted Trial Balance. Lastly, complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. (Abbreviations used: Depr. = depreciation, Exp. = expense, l/t = long term, Pay. = payable, Rec. = receivable, Stk. = stock, and Supp. = supplies.)
Farrell Investment Advisers | ||||||||||||
Worksheet | ||||||||||||
December 31, 2018 |
| Unadjusted |
|
|
|
| |
| Trial Balance | Adjustments | ||||
Account Title | Debit | Credit |
| Debit |
| Credit |
Cash | 26,000 |
|
|
|
|
|
Accounts Rec. | 49,000 |
|
|
|
|
|
Office Supp. | 3,000 |
|
|
|
|
|
Equipment | 26,000 |
|
|
|
|
|
Accum. Depr. |
| 17,000 |
|
|
|
|
Accounts Pay. |
| 12,000 |
|
|
|
|
Salaries Pay. |
|
|
|
|
|
|
Unearn. Rev. |
| 1,000 |
|
|
|
|
Note Pay. (l/t) |
| 18,000 |
|
|
|
|
Common Stk |
| 23,000 |
|
|
|
|
Ret. Earnings |
| 13,500 |
|
|
|
|
Dividends | 33,000 |
|
|
|
|
|
Service Rev. |
| 99,000 |
|
|
|
|
|
|
|
|
|
|
|
Ins. Exp. | 3,000 |
|
|
|
|
|
Salaries Exp. | 34,000 |
|
|
|
|
|
Supplies Exp. |
|
|
|
|
|
|
Interest Exp. | 3,500 |
|
|
|
|
|
Rent Exp. | 6,000 |
|
|
|
|
|
Depr. Exp. |
|
|
|
|
|
|
Total | 183,500 | 183,500 |
|
|
|
|
Net income or loss |
|
|
|
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| |
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|
|
Choose from any list or enter any number in the input fields and then click Check Answer.
Farrell Investment Advisers,,, Unadjusted Trial Balance,,, "December 31, 2018",,, ,Balance,, Account Title,Debit,Credit, Cash,"$26,000",, Accounts Receivable,"49,000",, Office Supplies,"3,000",, Equipment,"26,000",, Accumulated DepreciationEquipment,,"$17,000", Accounts Payable,,"12,000", Salaries Payable,,, Unearned Revenue,,"1,000", Notes Payable (long-term),,"18,000", Common Stock,,"23,000", Retained Earnings,,"13,500", Dividends,"33,000",, Service Revenue,,"99,000", Insurance Expense,"3,000",, Salaries Expense,"34,000",, Supplies Expense,,, Interest Expense,"3,500",, Rent Expense,"6,000",,
PrintDone
Depreciation ExpenseEquipment,,, Total,"$183,500","$183,500", |
|
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