The trial balance of Leopard Anvils at January 31, 2012, and the data for the month-end adjustments

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The trial balance of Leopard Anvils at January 31, 2012, and the data for the month-end adjustments follow:

The trial balance of Leopard Anvils at January 31, 2012,

Adjustment data:
a. Unearned service revenue still unearned at January 31, $400.
b. Prepaid rent still in force at January 31, $1,800.
c. Supplies used during the month, $1,100.
d. Depreciation for the month, $400.
e. Accrued salary expense at January 31, $500.

Requirements
1. Prepare adjusting journal entries.
2. Enter the trial balance on a worksheet and complete the worksheet through the
Adjusted Trial Balance of Leopard Anvils for the month ended January 31, 2012.
3. Prepare the income statement, the statement of owner€™s equity, and the classified balance sheet in report form.
4. Using the worksheet data that you prepared, journalize and post the adjusting and closing entries to T-accounts. Use dates and show the ending balance of each account.
5. Prepare a post-closing trial balance.
6. Calculate the current and debt ratios for thecompany.

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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