Wednesday, 13 November 2019

How would you prepare an adjusted trail balance, income statment, and balance sheet for the following

How would you prepare an adjusted trail balance, income statment, and balance sheet for the following information?
The adjusted trial balance amount should be $22,556. The income statement balance should be $1,354. The balance sheet balance should be $17,430.
JACKSON TUTORING SERVICES, INC. WORKSHEET 1/31/2018

Unadjusted
Adjusted


Trial Balance Adjusting Entries Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash         6,275


        6,275
   
        6,275
Supplies            450

           250            200
   
   
Accounts Rec.            200
           330
           530


           200
Prepaid Advertising            375

               375


   
Equipment      10,050


     10,050


   
Accum. Depr.


        2,480
        2,480


   
Notes Payable




   


   
Interest Payable
        5,000
              42
        5,042


   
Unearned Revenue
        5,125         1,000

        4,125


   
Accounts Payable
        1,350


        1,350


        1,350
Utilities Payable


           150
           150


   
Inc. Taxes Payable


   
   


   
Sal. & Wages Pay.


        2,060
        2,060


   
Common Stock
        4,000


        4,000


        4,000
Dividends         1,000

            1,000

           
Retained Earnings


   
   
   
   
Service Revenue             4,125             1,330             5,455             5,455    
Sal. & Wages Exp.

        2,060
        2,060
        2,060


Depr. Exp.

        2,480
        2,480
        2,480


Insurance Expense            225


           225
           225


Utilities Expense

           150
           150
           150


Income Tax Exp.





   


Interest Exp.

              42
              42
              42


Suppies Expense

           250
           250
           250


Rent Expense            900


           900
           900


Advertising Exp.            125


           125
           125



     19,600      19,600         6,312         6,312      24,662      24,662         6,232
       

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