The trial balance of Concord Bed and Breakfast Company at December 31, 2012, and the data needed

Question:

The trial balance of Concord Bed and Breakfast Company at December 31, 2012, and the data needed for the month-end adjustments follow.


The trial balance of Concord Bed and Breakfast Company at


Adjustment data at December 31 follow:
a. Prepaid insurance still in force, $900.
b. Supplies used during the month, $500.
c. Depreciation for the month, $1,000.
d. Accrued salary expense, $300.
e. Unearned service revenue still unearned, $1,500.

Requirements
1. Journalize the adjusting entries.
2. The unadjusted balances have been entered for you in the general ledger accounts. Post the adjusting entries to the ledger accounts.
3. Prepare the adjusted trial balance.
4. Prepare the income statement, statement of owner's equity, and balance sheet for the business for the month ended December 31,2012.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Accounting

ISBN: 978-0132569309

9th Edition

Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv

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