Chapter 4, Problem P4.31APGA

Preparing a worksheet, financial statements, and closing entries

Learning Objectives 1, 2, 3
2. Total Assets $106,500
The unadjusted trial balance of Farish Investment Advisers at December 31,2018, follows:

Adjusted Data at December 31, 2018

1. Unearned Revenue earned during the year, $800.
2. Office Supplies on hand, 54,500.
3. Depreciation for the year, S4, 500.
4. Accrued Salaries Expense, $5,000.
5. Accrued Service Revenue, $6,500.

Requirements

1. Prepare a worksheet for Farish Investment Advisers at December 31, 2018.
2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume there were no contributions made by the owner during the year.
3. Prepare closing entries.