Chapter 4, Problem P4.37BPGB

Preparing a worksheet financial statements, and closing entries
Learning Objectives 1, 2, 3
2. Total Assets $92,000

The unadjusted trial balance of Fleming Investment Advisers at December 31, 2018, follows: Adjustment data at December 31, 2018:

1. Unearned Revenue earned during the year, $700.
2. Office Supplies on hand, $3,000.
3. Depreciation for the year, $3,000.
4. Accrued Salaries Expense, $4,500.
5. Accrued Service Revenue, $9,000.

Requirements

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