WALTON ANVILS Unadjusted Trial Balance December 31, 2018 Balance Credit Account Title Debit Cash $13,480 Accounts Receivable 14,500 Prepaid Rent 2,320 Office Supplies 1,700 Equipment 23,000 $ 1,000 Accumulated Depreciation-Equipment Accounts Payable 7,100 Salaries Payable Unearned Revenue 6,000 Common Stock 24,000 Retained Earnings 4,500 Dividends 4,600 Service Revenue 19,500 Salaries Expense 2,500 Rent Expense Depreciation Expense-Equipment Supplies Expense $62,100 Total $62,100 Adjustment data: a. Unearned Revenue still unearned at December 31, $1,800. b. Prepaid Rent still in force at December 31, $2,100. c. Office Supplies used, $1,500. d. Depreciation, $390. e. Accrued Salaries Expense at December 31, $200 Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance 2. Complete the worksheet for the year ended December 31, 2018 (optional) 3. Prepare the adjusting entries, and post to the accounts. 4. Prepare an adjusted trial balance 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. Net Income $18,890 6. Prepare the closing entries, and post to the accounts 7. Prepare a post-closing trial balance. 8. Calculate the current ratio for the company.
WALTON ANVILS Unadjusted Trial Balance December 31, 2018 Balance Credit Account Title Debit Cash $13,480 Accounts Receivable 14,500 Prepaid Rent 2,320 Office Supplies 1,700 Equipment 23,000 $ 1,000 Accumulated Depreciation-Equipment Accounts Payable 7,100 Salaries Payable Unearned Revenue 6,000 Common Stock 24,000 Retained Earnings 4,500 Dividends 4,600 Service Revenue 19,500 Salaries Expense 2,500 Rent Expense Depreciation Expense-Equipment Supplies Expense $62,100 Total $62,100 Adjustment data: a. Unearned Revenue still unearned at December 31, $1,800. b. Prepaid Rent still in force at December 31, $2,100. c. Office Supplies used, $1,500. d. Depreciation, $390. e. Accrued Salaries Expense at December 31, $200 Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance 2. Complete the worksheet for the year ended December 31, 2018 (optional) 3. Prepare the adjusting entries, and post to the accounts. 4. Prepare an adjusted trial balance 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. Net Income $18,890 6. Prepare the closing entries, and post to the accounts 7. Prepare a post-closing trial balance. 8. Calculate the current ratio for the company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help and i do not have to do requirement 2
Transcribed Image Text:WALTON ANVILS
Unadjusted Trial Balance
December 31, 2018
Balance
Credit
Account Title
Debit
Cash
$13,480
Accounts Receivable
14,500
Prepaid Rent
2,320
Office Supplies
1,700
Equipment
23,000
$ 1,000
Accumulated Depreciation-Equipment
Accounts Payable
7,100
Salaries Payable
Unearned Revenue
6,000
Common Stock
24,000
Retained Earnings
4,500
Dividends
4,600
Service Revenue
19,500
Salaries Expense
2,500
Rent Expense
Depreciation Expense-Equipment
Supplies Expense
$62,100
Total
$62,100
Transcribed Image Text:Adjustment data:
a. Unearned Revenue still unearned at December 31, $1,800.
b. Prepaid Rent still in force at December 31, $2,100.
c. Office Supplies used, $1,500.
d. Depreciation, $390.
e. Accrued Salaries Expense at December 31, $200
Requirements
1. Open the T-accounts using the balances in the unadjusted trial balance
2. Complete the worksheet for the year ended December 31, 2018 (optional)
3. Prepare the adjusting entries, and post to the accounts.
4. Prepare an adjusted trial balance
5. Prepare the income statement, the statement of retained earnings, and the
classified balance sheet in report form.
Net Income $18,890
6. Prepare the closing entries, and post to the accounts
7. Prepare a post-closing trial balance.
8. Calculate the current ratio for the company.
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