Joe Clark has his own Desktop Publishing business. In may you as the bookkeeper prepared a Trial
Question:
Joe Clark has his own Desktop Publishing business. In may you as the bookkeeper prepared a Trial Balance and then reviewed the accounts.
The following items became apparent upon review of the accounts in the trial balance:
No adjusting entries have been made thus far this year.
1 The office supplies on had were counted and a value of $100 was attributed to the remaining items
2 The prepaid rent was $1,200 for 3 months rent paid on May 1 2020.
3 The equipment was purchased on January 1 2020 and has a 5 year life
4 Salaries earned but not yet paid amount to $350
5 Services to clients that have been completed but not yet billed total $2,000
6 Received a telephone bill for $200
7 The unearned revenue was for an order paid by a customer for a parts. $1000 of the order has been shipped to the customer
Required:
There are multiple steps to the question. Please scroll down to make sure you see each section
Required:
1. Post the adjusting entries to the Worksheet below
2. Complete the Adjusted Trial Balance on the Worksheet
3. Complete the Income Statement on the Worksheet
4. Complete the Balance Sheet on the Worksheet
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg