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Completing the Accounting Cycle Justine Company Unadjusted Trial Balance December 31, 2024 Cash Accounts Receivable Cleaning Supplies Cleaning Equipment Accumulated Depreciation - Cleaning Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Cleaning Supplies Expense Total $35,572 59,680 2,443 20,300 $3,200 2,640 5,650 35,000 60,805 5,000 89,000 71,200 2.100 $196.295 $196.295 The following information is also available: a. Ending inventory of cleaning supplies, $ 538 b. Depreciation of cleaning equipment for the period, $ 800 C. Salaries accrued at the end of the period, $ 450 d. Service revenue still unearned at the end of the period, $3,650 e. Service revenue earned but not billed, $ 1,800 Requirements: 1. Prepare the financial statements: Income Statement, Statement of Retained Earnings, and Balance Sheet 2. Statements should be prepared in proper form.

Completing the Accounting Cycle Justine Company Unadjusted Trial Balance December 31, 2024 Cash Accounts Receivable Cleaning Supplies Cleaning Equipment Accumulated Depreciation - Cleaning Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Cleaning Supplies Expense Total $35,572 59,680 2,443 20,300 $3,200 2,640 5,650 35,000 60,805 5,000 89,000 71,200 2.100 $196.295 $196.295 The following information is also available: a. Ending inventory of cleaning supplies, $ 538 b. Depreciation of cleaning equipment for the period, $ 800 C. Salaries accrued at the end of the period, $ 450 d. Service revenue still unearned at the end of the period, $3,650 e. Service revenue earned but not billed, $ 1,800 Requirements: 1. Prepare the financial statements: Income Statement, Statement of Retained Earnings, and Balance Sheet 2. Statements should be prepared in proper form.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Completing the Accounting Cycle Justine Company Unadjusted Trial Balance December 31, 2024 Cash Accounts Receivable Cleaning Supplies Cleaning Equipment Accumulated Depreciation - Cleaning Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Cleaning Supplies Expense Total $35,572 59,680 2,443 20,300 $3,200 2,640 5,650 35,000 60,805 5,000 89,000 71,200 2,100 $196.295 $196.295 The following information is also available: a. Ending inventory of cleaning supplies, $ 538 b. Depreciation of cleaning equipment for the period, $ 800 C. Salaries accrued at the end of the period, $ 450 d. Service revenue still unearned at the end of the period, $ 3,650 e. Service revenue earned but not billed, $ 1,800 Requirements: 1. Prepare the financial statements: Income Statement, Statement of Retained Earnings, and Balance Sheet. 2. Statements should be prepared in proper form. Financial Statements Justine Company Income Statement For the Year Ended December 31, 2024 Revenue: Service revenue Expenses: Depreciation expense: cleaning equipment Salaries expense Cleaning supplies expense Total expenses Net Income Justine Company Income Statement For the Year Ended December 31, 2024 Retained earnings, January 1 Add: Net income Less: Dividends Retained earnings, December 31 Justine Company Balance Sheet December 31, 2024 Assets Current assets Cash Accounts receivable Cleaning supplies Total current assets Property, plant, and equipment Cleaning equipment Less: Accumulated depreciation - cleaning equipment Total property, plant, and equipment Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable Unearned service revenue Salaries payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 8.
Transcribed Image Text:Completing the Accounting Cycle Justine Company Unadjusted Trial Balance December 31, 2024 Cash Accounts Receivable Cleaning Supplies Cleaning Equipment Accumulated Depreciation - Cleaning Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Cleaning Supplies Expense Total $35,572 59,680 2,443 20,300 $3,200 2,640 5,650 35,000 60,805 5,000 89,000 71,200 2,100 $196.295 $196.295 The following information is also available: a. Ending inventory of cleaning supplies, $ 538 b. Depreciation of cleaning equipment for the period, $ 800 C. Salaries accrued at the end of the period, $ 450 d. Service revenue still unearned at the end of the period, $ 3,650 e. Service revenue earned but not billed, $ 1,800 Requirements: 1. Prepare the financial statements: Income Statement, Statement of Retained Earnings, and Balance Sheet. 2. Statements should be prepared in proper form. Financial Statements Justine Company Income Statement For the Year Ended December 31, 2024 Revenue: Service revenue Expenses: Depreciation expense: cleaning equipment Salaries expense Cleaning supplies expense Total expenses Net Income Justine Company Income Statement For the Year Ended December 31, 2024 Retained earnings, January 1 Add: Net income Less: Dividends Retained earnings, December 31 Justine Company Balance Sheet December 31, 2024 Assets Current assets Cash Accounts receivable Cleaning supplies Total current assets Property, plant, and equipment Cleaning equipment Less: Accumulated depreciation - cleaning equipment Total property, plant, and equipment Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable Unearned service revenue Salaries payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 8.
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