Adjustment data and the unadjusted trial balance have been gathered by Farlow Corporation. Adjustment data:

A. Unused supplies on hand, $ 230.

B. Unexpired rent $ 1,000.

C. Depreciation on buildings, $ 1,500.

D. Depreciation on equipment, $ 800.

E. Unearned fees still unearned, $ 740.

F. Salaries earned but not yet paid $ 740.

G. Accrued interest on the note, $ 240.

H. Fees earned but not recorded and not received $ 570.

Required

1. Prepare the adjusting entries. In some instances, it will be necessary to establish new accounts.

2. Prepare an adjusted trial balance.

3. Prepare the closing entries.

4. Determine the net income or loss for the period.

5. Prepare a post- closing trial balance.

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FARLOW CORPORATION Usadjusted Trial Balance March 31, 2010 Debits 729 1,700 Crodits Cash Accounta receivable Supples Propaid rent Land Buildngs Accumulated dopreciation buildings Equipment Accumulated dopreciation-equipment Accounts payable Ungarned tees Note payable Capital stock Retained earnings Fee roven Salary expense 2,400 52,000 4,000 s 16600 41,500 13.,500 3,480 2,970 45,000 38,150 280 Miscellaneous expense Total 190 $210 000