Please anyone solve it. Question 2 key insurance Agency was organized on September 1, 2015. Assume that the accounts areclosed and financial statements prepared each month, The company occupies rented office space butowns office equipment estimated to have a useful life of 10 years from date of acquisition, Sep 1. Theunadjusted trial balance of key Insurance Agency at November 30, is shown below.Cash.$3,750Accounts receivable..1,210Office equipment..4,800Accumulated depreciation: office equipment.S80Accounts payable..1,640Jane carl, capital.7,490Jane Carl, drawing...500Commissions earned.6,220Advertising expense.800Salaries expense.3,600Rent expense..770$15,430$15,430a. Prepare the adjusting journal entry to record depreciation of the office equipment for themonth of November.b. Prepare an adjusted trial balance at November 30,2015c. Prepare an income statement and a statement of owners equity for the month endedNovember 30, 2015. And a balance sheet in report.

Adjusting entries are recorded to show the changes in the amounts due the lapse of time during an…

Question 2 key insurance Agency was organized on September 1, 2015. Assume that the accounts are closed and financial statements prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, Sep 1. The unadjusted trial balance of key Insurance Agency at November 30, is shown below. Cash. $3,750 Accounts receivable. .1,210 Office equipment. „4,800 Accumulated depreciation: office equipment. $80 Accounts payable.. 1,640 Jane carl, capital. 7,490 Jane Carl, drawing. 500 Commissions earned.. 6,220 Advertising expense. 800 Salaries expense.. 3,600 Rent expense. 770 $15,430 $15,430

Question 2 key insurance Agency was organized on September 1, 2015. Assume that the accounts are closed and financial statements prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, Sep 1. The unadjusted trial balance of key Insurance Agency at November 30, is shown below. Cash. $3,750 Accounts receivable. .1,210 Office equipment. „4,800 Accumulated depreciation: office equipment. $80 Accounts payable.. 1,640 Jane carl, capital. 7,490 Jane Carl, drawing. 500 Commissions earned.. 6,220 Advertising expense. 800 Salaries expense.. 3,600 Rent expense. 770 $15,430 $15,430

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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