The account balances of Miss Beverly’s Tutoring Service as of June 30, the end of the current fiscal year, are as follows:

1. Complete the work sheet. Data for the adjustments are as follows:
a. Expired or used up insurance, $ 470.
b. Depreciation expense on equipment, $ 948.
c. Depreciation expense on the van, $ 1,490.
d. Salary accrued (earned) since the last payday, $ 574 (owed and to be paid on the next payday).
e. Supplies remaining as of June 30, $ 407.
2. Journalize the adjusting entries.
3. Prepare an income statement.
4. Prepare a statement of owner’s equity; assume that there was an additional investment of $ 3,000 on June 10.
5. Prepare a balance sheet.
6. Journalize the closing entries using the four steps in the propersequence.

  • CreatedOctober 21, 2014
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