Data not yet recorded at December 31 included a. The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $800. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $640. e. Income tax expense, $5,540. Required: 1. Record the adjusting entries. 2. Prepare an income statement and a classified balance sheet that include the effects of the preceding five transactions. 3. Record the closing entry.
Data not yet recorded at December 31 included a. The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $800. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $640. e. Income tax expense, $5,540. Required: 1. Record the adjusting entries. 2. Prepare an income statement and a classified balance sheet that include the effects of the preceding five transactions. 3. Record the closing entry.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...
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Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted
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