At the end of the fiscal year, the trial balance of ABC Corporation appeared as shown...

Transcribed Image Text:

At the end of the fiscal year, the trial balance of ABC Corporation appeared as shown below. ABC Corporation Trial Balance August 31, 2010 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense 4,500 3.200 2,000 11,000 1,100 1,300 400 23,500 Other data 1. A physical count reveals only $480 of roofing supplies on hand 2. Depreciation for March is $250. 3. Unearned revenue amounted to $260 at March 31. 4. Accrued salaries are $700. 1,250 2,500 550 12,900 6,300 23,500 Instructions • Enter the trial balance on a worksheet and complete the worksheet. • Prepare an income statement and owner's equity statement for the month of March and a classified balance sheet at March 31. • Journalize the adjusting entries from the adjustments columns of the worksheet • Journalize the closing entries from the financial statement columns of the worksheet. At the end of the fiscal year, the trial balance of ABC Corporation appeared as shown below. ABC Corporation Trial Balance August 31, 2010 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense 4,500 3.200 2,000 11,000 1,100 1,300 400 23,500 Other data 1. A physical count reveals only $480 of roofing supplies on hand 2. Depreciation for March is $250. 3. Unearned revenue amounted to $260 at March 31. 4. Accrued salaries are $700. 1,250 2,500 550 12,900 6,300 23,500 Instructions • Enter the trial balance on a worksheet and complete the worksheet. • Prepare an income statement and owner's equity statement for the month of March and a classified balance sheet at March 31. • Journalize the adjusting entries from the adjustments columns of the worksheet • Journalize the closing entries from the financial statement columns of the worksheet.

Answer rating: 100% (QA)

Answer To solve this problem well first prepare a worksheet then use the data from the worksheet to prepare financial statements income statement owne... View the full answer