Consider the unadjusted trial balance of RiverdaleCompany at June 30, 2016, and the related month-end adjustment data.     RiverdaleCompany Trial Balance 30-Jun-16   Balance   Debit Credit       Cash 6,900   Accounts receivable 1,100   Prepaid rent 3,500   Supplies 1,100   Motor Vehicle 77,000   Accumulated depreciation   3,400 Accounts payable   3,300 Salary payable     Riverdale, capital   80,000 Riverdale, drawing 4,400   Service revenue   9,600 Salary expense 1,500   Rent expense     Fuel expense 800   Depreciation expense     Supplies expense       96,300 96,300   Adjustment data at June 30 follow: Accrued service revenue at June 30, $1,500 $700 of the prepaid rent expired during the month. Supplies on hand at June 30, $700 Depreciation on motor vehicle for the month, $1,400. Accrued salary expense at June 30, $300     Requirement: From the information presented, prepare the adjusting entries for items 1-5 above and then prepare the company’s adjusted trial balance as at June 30, 2016 Prepare the income statement for the year ended June 30, 2016 Prepare the owner’s equity statement for June 30, 2016   Prepare the balance sheet as at June 30,2016

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question on Unit 3

 

Consider the unadjusted trial balance of RiverdaleCompany at June 30, 2016, and the related month-end adjustment data.

 

 

RiverdaleCompany

Trial Balance

30-Jun-16

 

Balance

 

Debit

Credit

 

 

 

Cash

6,900

 

Accounts receivable

1,100

 

Prepaid rent

3,500

 

Supplies

1,100

 

Motor Vehicle

77,000

 

Accumulated depreciation

 

3,400

Accounts payable

 

3,300

Salary payable

 

 

Riverdale, capital

 

80,000

Riverdale, drawing

4,400

 

Service revenue

 

9,600

Salary expense

1,500

 

Rent expense

 

 

Fuel expense

800

 

Depreciation expense

 

 

Supplies expense

 

 

 

96,300

96,300

 

Adjustment data at June 30 follow:

Accrued service revenue at June 30, $1,500

$700 of the prepaid rent expired during the month.

Supplies on hand at June 30, $700

Depreciation on motor vehicle for the month, $1,400.

Accrued salary expense at June 30, $300

 

 

Requirement:

From the information presented, prepare the adjusting entries for items 1-5 above and then prepare the company’s adjusted trial balance as at June 30, 2016

Prepare the income statement for the year ended June 30, 2016

Prepare the owner’s equity statement for June 30, 2016

 

Prepare the balance sheet as at June 30,2016

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