PROBLEMS: SET B P4-1B Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial Prepare worksheet, financial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows. statements, and adjusting and closing entries. (LO 1, 2, 3, 6) (a) Adjusted trial balance $59,100 PEVNICK INC. Worksheet For the Quarter Ended March 31, 2015 (b) Net income $8,280 Total assets $50,330 Account Titles 208 4 Completing the Accounting Cycle Cash Accounts Receivable Supplies Prepaid Insurance Equipment Trial Balance Dr. 11,400 5,620 1,050 2,400 30,000 Account Titles Notes Payable Accounts Payable Common Stock Dividends Cr. Service Revenue Salaries and Wages Expense Travel Expense Rent Expense Miscellaneous Expense Trial Balance Dr. 600 2,200 1,300 1,200 200 55,970 XLS Cr. 10,000 12,350 20,000 13,620 55,970 Other data: 1. Supplies on hand total $280. 2. Depreciation is $800 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, $300. 4. Insurance expires at the rate of $200 per month. 5. Services performed but unbilled at March 31 total $2,030. Instructions (a) Enter the trial balance on a worksheet and complete the worksheet. (b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31. (e) Journalize the adjusting entries from the adjustments columns of the worksheet. (d) Journalize the closing entries from the financial statement columns of the worksheet.
PROBLEMS: SET B P4-1B Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial Prepare worksheet, financial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows. statements, and adjusting and closing entries. (LO 1, 2, 3, 6) (a) Adjusted trial balance $59,100 PEVNICK INC. Worksheet For the Quarter Ended March 31, 2015 (b) Net income $8,280 Total assets $50,330 Account Titles 208 4 Completing the Accounting Cycle Cash Accounts Receivable Supplies Prepaid Insurance Equipment Trial Balance Dr. 11,400 5,620 1,050 2,400 30,000 Account Titles Notes Payable Accounts Payable Common Stock Dividends Cr. Service Revenue Salaries and Wages Expense Travel Expense Rent Expense Miscellaneous Expense Trial Balance Dr. 600 2,200 1,300 1,200 200 55,970 XLS Cr. 10,000 12,350 20,000 13,620 55,970 Other data: 1. Supplies on hand total $280. 2. Depreciation is $800 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, $300. 4. Insurance expires at the rate of $200 per month. 5. Services performed but unbilled at March 31 total $2,030. Instructions (a) Enter the trial balance on a worksheet and complete the worksheet. (b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31. (e) Journalize the adjusting entries from the adjustments columns of the worksheet. (d) Journalize the closing entries from the financial statement columns of the worksheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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