Question

Michael Pevnick began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Michael Pevnick, P.I., at March 31 are as follows.


Other data:
1. Supplies on hand total $480.
2. Depreciation is $800 per quarter.
3. Interest accrued on 6-month note payable, issued January 1, $300.
4. Insurance expires at the rate of $200 per month.
5. Services performed but unbilled at March 31 total $1,030.

Instructions
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and owner’s equity statement for the quarter and a classified balance sheet at March 31. M. Pevnick did not make any additional investments in the business during the quarter ended March 31, 2014.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of theworksheet.


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  • CreatedJanuary 30, 2014
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