Question: Pevnick Inc began operations as a detective agency on January

Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows.


Other data:
1. Supplies on hand total $280.
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 $2,030.

Instructions
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31.
(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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  • CreatedFebruary 17, 2014
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