Question
The unadjusted trial balance of Fratner Investment Advisers at December 31, 2016, follows: Adjustment data at December 31, 2016: A. Unearned revenue recieved during the
The unadjusted trial balance of Fratner Investment Advisers at December 31, 2016, follows:
Adjustment data at December 31, 2016:
A. Unearned revenue recieved during the year, $400
B. Office Supplies on hand, $4,000
C. Depreciation for the year, $5,500
D. Accrued Salaries Expense, $2,500
E. Accrued Service Revenue, $5,000
Requirements
1. Prepare a worksheet for Fratner Investment Advisers at December 31, 2016.
2. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format.
3. Prepare closing entries.
Unadjusted Trial Balance December 31, 2016 Balance Account Title Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Rent Expense Depreciation Expense-Equipment Tota Debit Credit 31,000 50,000 6,000 23,000 15,000 18,000 3,500 21,000 25,000 19,500 31,000 98,000 4,000 37,000 6,000 12,000 $ 200,000 $200,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started