451.06789101112131415161718192021222324252627LEXINGTON INN CORPORATIONTrial BalanceDecember 31, 2022DebitAccountCashAccounts receivablePrepaid insuranceSuppliesBuildingAccumulated depreciationAccounts payableSalary payableUnearned service revenueCommon stockRetained earningsDividendsService revenueSalary expenseInsurance expenseDepreciation expenseAdvertising expenseSupplies expenseTotal$ 12,100$ 14,300$ 2,300$ 1,100$ 411,000$ 2,860$ 2,700$ 830Credit2829 Adjustment data at December 31 follow:30 a. Prepaid insurance still in force, $700.$ 312,500$ 1,950$ 2,400$ 108,000$ 6,740$ 15,600$ 447,190 $ 447,19031 b. Supplies used during the month, $500.32 c. Depreciation for the month, $1,600.33 d. Accrued salary expense, $400.34 e. Unearned service revenue still unearned, $1,400.35 Requirements36 1.37 2.38 3.39 4.40Journalize the adjusting entries.The unadjusted balances have been entered for you in the general ledger accounts. Post the adjusting entries to the ledger accounts.Prepare the adjusted trial balance.Prepare the income statement, statement of retained earnings, and balance sheet for the business for the month ended December 31, 2022.

Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

LEXINGTON INN CORPORATION Trial Balance December 31, 2022 Debit 1. 2. 3. 4. Account Cash Accounts receivable Prepaid insurance Supplies Building Accumulated depreciation Accounts payable Salary payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salary expense Insurance expense Depreciation expense Advertising expense Supplies expense Total $ 12,100 $ 14,300 $ 2,300 $ 1,100 $ 411,000 $ 2,860 $ 2,700 $ 830 Credit $ 312,500 $ 1,950 $ 2,400 $ 108,000 $ 6,740 $ 15,600 $ 447,190 $ 447,190 Adjustment data at December 31 follow: a. Prepaid insurance still in force, $700. b. Supplies used during the month, $500. c. Depreciation for the month, $1,600. d. Accrued salary expense, $400. e. Unearned service revenue still unearned, $1,400. Requirements Journalize the adjusting entries. The unadjusted balances have been entered for you in the general ledger accounts. Post the adjusting entries to the ledger accounts. Prepare the adjusted trial balance. Prepare the income statement, statement of retained earnings, and balance sheet for the business for the month ended December 31, 2022.

LEXINGTON INN CORPORATION Trial Balance December 31, 2022 Debit 1. 2. 3. 4. Account Cash Accounts receivable Prepaid insurance Supplies Building Accumulated depreciation Accounts payable Salary payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salary expense Insurance expense Depreciation expense Advertising expense Supplies expense Total $ 12,100 $ 14,300 $ 2,300 $ 1,100 $ 411,000 $ 2,860 $ 2,700 $ 830 Credit $ 312,500 $ 1,950 $ 2,400 $ 108,000 $ 6,740 $ 15,600 $ 447,190 $ 447,190 Adjustment data at December 31 follow: a. Prepaid insurance still in force, $700. b. Supplies used during the month, $500. c. Depreciation for the month, $1,600. d. Accrued salary expense, $400. e. Unearned service revenue still unearned, $1,400. Requirements Journalize the adjusting entries. The unadjusted balances have been entered for you in the general ledger accounts. Post the adjusting entries to the ledger accounts. Prepare the adjusted trial balance. Prepare the income statement, statement of retained earnings, and balance sheet for the business for the month ended December 31, 2022.

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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