Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The unadjusted trial balance of Walsh Anvils at December 31, 2018, and the data for the adjustments follow: Click the icon to view the unadjusted

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The unadjusted trial balance of Walsh Anvils at December 31, 2018, and the data for the adjustments follow: Click the icon to view the unadjusted trial balance.) Click the icon to view the adjusting data.) Read the requirements Requirement 1. Prepare the adjusting entries and post to the T-accounts. T-accounts have been opened using the balances from the unadjusted trial balance. Begin by preparing the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Uneamed Revenue still unearned at December 31, $2,800 Date Accounts and Explanation Credit Debit Dec. 31 Adj. (0) X More Info - Adjustment data: a. Unearned Revenue still unearned at December 31, $2,800. b. Prepaid Rent still in force at December 31, $2,300. c. Office Supplies used, $600. d. Depreciation, $310. e. Accrued Salaries Expense at December 31, $300. Print Done 0 Data Table Walsh Anvils Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 15,510 Accounts Receivable 15,500 Prepaid Rent 2,490 Office Supplies 2,500 Equipment 28,000 Accumulated Depreciation-Equipment 5,000 Accounts Payable 6.400 Salaries Payable Unearned Revenue 6,800 Common Stock 16,000 Retained Earnings 16,500 Dividends 5,000 Service Revenue 20,500 Salaries Expense 2,200 Rent Expense Depreciation Expense-Equipment Supplies Expense S 71,200 $ 71,200 Total Print Done 0 Requirements X - 1. Prepare the adjusting entries and post to the accounts. T-accounts have been opened using the balances from the unadjusted trial balance. 2. Prepare an adjusted trial balance. 3. Complete the worksheet for the year ended December 31, 2018. 4. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. 5. Prepare the closing entries, and post to the accounts. 6. Prepare a post-closing trial balance. 7. Calculate the current ratio for the company. Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information Technology Auditing

Authors: Hall, J Scott Harr

3rd Edition

1133008046, 978-1439079119

More Books

Students also viewed these Accounting questions