Consider the unadjusted trial balance of Reliable Limo Service Company at June 30, 2012, and the related month-end adjustment data.

Adjustment data at June 30 follow:
a. Accrued service revenue at June 30, $1,500.
b. One-fifth of the prepaid rent expired during the month.
c. Supplies on hand at June 30, $700.
d. Depreciation on automobile for the month, $1,400.
e. Accrued salary expense at June 30 for one day only. The five-day weekly payroll is $1,500.

Requirements
1. Write the trial balance on a worksheet, using Exhibit 3-8 as an example, and prepare the adjusted trial balance of Reliable Limo Service Company at June 30, 2012. Key each adjusting entry by letter.
2. Prepare the income statement and the statement of owner's equity for the month ended June 30, 2012, and the balance sheet at thatdate.

Transcribed Image Text:

RELIABLE LIMO SERVICE COMPANY Trial Balance June 30, 2012 Balance Account Debit Credit Cash Accounts receivable Prepaid rent Supplies Automobile Accumulated depreciation Accounts payable Salary payable Wake, capital Wake, drawing Service revenue Salary expense Rent expense Fuel expense Depreciation expense Supplies expense Total 6,900 1,100 3,500 1,100 77,000 S 3,400 3,300 80,000 4,400 9,600 1,500 800 $96,300 $96,300