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Trial Balance Adjustments Income Statement Retained Earnings Statement Balance Sheet Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,800 Prepaid Rent
Trial Balance | Adjustments | Income Statement | Retained Earnings Statement | Balance Sheet | ||||||
Account | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
Cash | 3,800 | |||||||||
Prepaid Rent | 2,400 | |||||||||
Office Equipment | 7,000 | |||||||||
Accumulated Depreciation | 1,400 | |||||||||
Note Payable (due 7/1/17) | 2,000 | |||||||||
Common Stock (200 shares | 4,000 | |||||||||
Retained Earnings (1/1/16) | 3,200 | |||||||||
Dividends | 200 | |||||||||
Consulting Revenues | 6,100 | |||||||||
Salaries Expense | 2,500 | |||||||||
Miscellaneous Expenses | 800 | |||||||||
Totals | 16,700 | 16,700 |
Additional information: (a) On January 1, 2016, the company had paid 2 years' rent in advance at $100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residual value is expected, (c) interest of $150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2017.
Required:
1. Complete the worksheet. Enter all amounts as positive numbers.
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