KICM consultant service 's trial balance on December 31, 2019, is follow: KICM consultant service 's trial balance Trial balance December 31, 2019 Cash 22,000 14,000 2,400 24,000 6,000 12,000 Accounts Receivable Office Supplies Prepaid rent Prepaid insurance Offices equipment Accumulated depreciation- Office equipment Accounts payable Notes payable Unearned consultant service revenue David, capital David, withdrawals Consultant service revenue Utilities expense 2,000 4,500 11,500 10,500 26,200 3,000 30,000 1,300 84,700 84,700 The following information is also available: 1/ Ending inventory of office supplies, $2,000 2/ Prepaid rent expired, $2,000 3/ Depreciation of office equipment for the period, $1,500 4/ Interest expense payable at the end of the period, $ 700 5/ Salaries expense payable at the end of the period, $ 3,400. 6/ Consultant service revenue still uneaned at the end of the period, $7,500. 7/ Consultant service revenue earned but still unrecorded, $3,800. REQUIRED: 1/ Determine the required adjusting entries, and record them in the general journal. 2/ Prepare an adjusted trial balance and record closing entries. 3/ Prepare an income statement, a statement of owner 's equity, and a balance sheet for the month ended December 31, 2019 of KICM Company.
KICM consultant service 's trial balance on December 31, 2019, is follow: KICM consultant service 's trial balance Trial balance December 31, 2019 Cash 22,000 14,000 2,400 24,000 6,000 12,000 Accounts Receivable Office Supplies Prepaid rent Prepaid insurance Offices equipment Accumulated depreciation- Office equipment Accounts payable Notes payable Unearned consultant service revenue David, capital David, withdrawals Consultant service revenue Utilities expense 2,000 4,500 11,500 10,500 26,200 3,000 30,000 1,300 84,700 84,700 The following information is also available: 1/ Ending inventory of office supplies, $2,000 2/ Prepaid rent expired, $2,000 3/ Depreciation of office equipment for the period, $1,500 4/ Interest expense payable at the end of the period, $ 700 5/ Salaries expense payable at the end of the period, $ 3,400. 6/ Consultant service revenue still uneaned at the end of the period, $7,500. 7/ Consultant service revenue earned but still unrecorded, $3,800. REQUIRED: 1/ Determine the required adjusting entries, and record them in the general journal. 2/ Prepare an adjusted trial balance and record closing entries. 3/ Prepare an income statement, a statement of owner 's equity, and a balance sheet for the month ended December 31, 2019 of KICM Company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:KICM consultant service 's trial balance on December 31, 2019, is follow:
KICM consultant service 's trial balance
Trial balance
December 31, 2019
Cash
Accounts Receivable
22,000
14,000
2,400
24,000
6,000
12,000
Office Supplies
Prepaid rent
Prepaid insurance
Offices equipment
Accumulated depreciation- Office equipment
Accounts payable
Notes payable
Unearned consultant service revenue
David, capital
David, withdrawals
Consultant service revenue
Utilities expense
2,000
4,500
11,500
10,500
26,200
3,000
30,000
1,300
84,700
84,700
The following information is also available:
1/ Ending inventory of office supplies, $2,000
2/ Prepaid rent expired, $2,000
3/ Depreciation of office equipment for the period, $1,500
4/ Interest expense payable at the end of the period, S 700
5/ Salaries expense payable at the end of the period, $ 3,400.
6/ Consultant service revenue still uneaned at the end of the period, $7,500.
7/ Consultant service revenue earned but still unrecorded, $3,800.
REQUIRED:
1/ Determine the required adjusting entries, and record them in the general journal.
2/ Prepare an adjusted trial balance and record closing entries.
3/ Prepare an income statement, a statement of owner 's equity, and a balance sheet for
the month ended December 31, 2019 of KICM Company.
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