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2. Prepare the Income statement for the year ended December 31st, 2007 3. Prepare the Statement of owner's equity for December 31s", 2007 4. Prepare the Balance sheet as at December 31*, 2007 5. Prepare the Closing entries

2. Prepare the Income statement for the year ended December 31st, 2007 3. Prepare the Statement of owner's equity for December 31s", 2007 4. Prepare the Balance sheet as at December 31*, 2007 5. Prepare the Closing entries

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help with question number 2 , 3 and 4

The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Mark Wall Consulting Trial Balance as at December 31 2007 A/C Name Unadjus ted Trial Balance DR CR |Cash 60,000 50,000 10,000 120,000 500,000 |Accounts receivable Supplies Prepaid Insurance Buliding Accumulated depreciation - Building Furniture and Fixtures Accumulated depreciation - Furniture and Fittings Accounts payable Salary Payable Unearned Consultancy revenue Mark Wall, Capital Mark Wall, Withdrawal Consultancy revenue Salary expense Supplies Expense Insurance Expense Utilities Expense |Depreciation expense - Furniture and Fixtures Depreciation expense - Building |Advertising expense 300,000 100,000 40,000 20,000 80,000 240,000 250,000 625,000 160,000 25,000 30,000 1,305,000 1,305,000 Requirements: 1. Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007 a. Supplies used during the period - $5000 b. All of the prepaid insurance expired at year end c. Depreciation expense – Building : $50,000 d. Depreciation expense – Furniture & Fixtures: $10,000 e. Accrued salary expense: $15,000 f. Unearned consultancy revenue at the end of the period: $10,000 2. Prepare the Income statement for the year ended December 31st, 2007 3. Prepare the Statement of owner's equity for December 31st, 2007 4. Prepare the Balance sheet as at December 31st, 2007 5. Prepare the Closing entries
Transcribed Image Text:The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Mark Wall Consulting Trial Balance as at December 31 2007 A/C Name Unadjus ted Trial Balance DR CR |Cash 60,000 50,000 10,000 120,000 500,000 |Accounts receivable Supplies Prepaid Insurance Buliding Accumulated depreciation - Building Furniture and Fixtures Accumulated depreciation - Furniture and Fittings Accounts payable Salary Payable Unearned Consultancy revenue Mark Wall, Capital Mark Wall, Withdrawal Consultancy revenue Salary expense Supplies Expense Insurance Expense Utilities Expense |Depreciation expense - Furniture and Fixtures Depreciation expense - Building |Advertising expense 300,000 100,000 40,000 20,000 80,000 240,000 250,000 625,000 160,000 25,000 30,000 1,305,000 1,305,000 Requirements: 1. Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007 a. Supplies used during the period - $5000 b. All of the prepaid insurance expired at year end c. Depreciation expense – Building : $50,000 d. Depreciation expense – Furniture & Fixtures: $10,000 e. Accrued salary expense: $15,000 f. Unearned consultancy revenue at the end of the period: $10,000 2. Prepare the Income statement for the year ended December 31st, 2007 3. Prepare the Statement of owner's equity for December 31st, 2007 4. Prepare the Balance sheet as at December 31st, 2007 5. Prepare the Closing entries
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