BPN Consulting Company Unadjusted Trial Balance December 31, 2023 Account Name Cash Bank Accounts Receivable Notes...

 

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BPN Consulting Company Unadjusted Trial Balance December 31, 2023 Account Name Cash Bank Accounts Receivable Notes Receivable Debit $ 13,600 Credit 100,000 36,000 20,000 Office Supplies Prepaid Insurance 6,000 20,000 Prepaid Rent 9,000 Accounts Payable 25,000 Uneamed Service Revenue 10,200 Bank Loan 64,000 Furniture and fixture 80,000 Capital 157,000 Service Revenue 82,000 Salaries Expense 44,000 Fuel Expense 6,600 Utilities Expense 3,000 TOTAL 338,200 338,200 BPN Consulting Company was established on January 1, 2023. As of December 31, 2023, the following additional information is available: 1. Office Supplies on hand totaled $2,000. 2. $4,000 of unearned service revenue is earned. 3. Accrued interest expense is $5,000. 4. $2,000 of the prepaid insurance has expired as of December 31, 2023. 5. Accrued utilities expense is $500. 6. $3,000 of prepaid rent have expired. 7. Accrued interest revenue on bank account is $8,000. 8. Depreciation expense for furniture and fixture is $10,000. Required: 1. Journalize adjusting entries for BPN Consulting Company. 2. Using your adjusting entries, prepare an adjusted trial balance. 3. Based on the adjusted trial balance, prepare an income statement, statement of changes in equity (statement of retained earnings) and a balance sheet. BPN Consulting Company Unadjusted Trial Balance December 31, 2023 Account Name Cash Bank Accounts Receivable Notes Receivable Debit $ 13,600 Credit 100,000 36,000 20,000 Office Supplies Prepaid Insurance 6,000 20,000 Prepaid Rent 9,000 Accounts Payable 25,000 Uneamed Service Revenue 10,200 Bank Loan 64,000 Furniture and fixture 80,000 Capital 157,000 Service Revenue 82,000 Salaries Expense 44,000 Fuel Expense 6,600 Utilities Expense 3,000 TOTAL 338,200 338,200 BPN Consulting Company was established on January 1, 2023. As of December 31, 2023, the following additional information is available: 1. Office Supplies on hand totaled $2,000. 2. $4,000 of unearned service revenue is earned. 3. Accrued interest expense is $5,000. 4. $2,000 of the prepaid insurance has expired as of December 31, 2023. 5. Accrued utilities expense is $500. 6. $3,000 of prepaid rent have expired. 7. Accrued interest revenue on bank account is $8,000. 8. Depreciation expense for furniture and fixture is $10,000. Required: 1. Journalize adjusting entries for BPN Consulting Company. 2. Using your adjusting entries, prepare an adjusted trial balance. 3. Based on the adjusted trial balance, prepare an income statement, statement of changes in equity (statement of retained earnings) and a balance sheet.

Answer rating: 100% (QA)

Answer 1 Journalize adjusting entries for BPN Consulting Company Adjusting Entry 1 Office Supplies Expense 6000 Office Supplies on hand totaled 2000 O... View the full answer