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.

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.

  • CreatedMarch 25, 2015
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