Unadjusted Trial Balance
December 31, 2019
	Debit	Credit
Cash	165,200
Office Supplies/Lures	8,500
Prepaid Insurance	2,900
Equipment - Boat	17,000
Accounts Payable		4,500
Unearned Service Revenue		21,000
Notes Payable		15,000
Common Stock		14,000
Additional Paid in Capital - CS		134,000
Service Revenue		32,000
Unearned Revenue- Gain on Sale		400
Interest Expense	300
Salaries Expense	11,000
Utilities Expense	3,000
Boat Gas Expense	13,000
Total	220,900	220,900

Prepare Adjusting Journal Entries

1. The 3/1/19 Notes Payable principle from First Hawaiian Bank is due in 5 years at an annual interest rate of 4%. Interest must be paid every 6-months.

2. The boat purchased on 3/1/19 is depreciated using the straight-line method over a useful life of 9 years. Salvage is zero.

3. Due to the use of office supplies, the Office Supplies and lures only added up to $100 at the end of the 2019 year.

4. Insurance expense was recorded. The 18 month policy was purchased on 5/1/19 for $2900 and paid in full.

5. On 12/30/19, 50% of the services were provided early from the customers that paid cash on 9/1/19.

Dont worry about updating the General Ledger or the unadjusted trail balance.

Post to the Worksheet

Prepare Financial Statements:

1. Income Statement (Single-step)
2. Statement of Retained Earnings
3. Balance Sheet

Prepare Closing Journal Entries

1. Record all temporary accounts in Closing Journal Entries
2. $800 dividend was declared and paid at the end of the year 12/31/19.

** Ignore Tax