P4-31B 0 Preparing a worksheet, financial statements, and closing entries (50-60 min) The trial balance of Giambi Investment Advisers, Inc., at December 31, 2012, follows: GIAMBI INVESTMENT ADVISERS, INC. Trial Balance December 31, 2012 Balance Debit Credit $ 28,000 50,000 8,000 26,000 $ 16,000 14,000 Account Cash Accounts receivable Supplies Equipment Accumulated depreciation Accounts payable Salary payable Uneared service revenue Note payable, long-term Common stock Retained earnings Dividends Service revenue 1,000 44,000 19,600 20,400 50,000 97,000 32,000 Salary expense Supplies expense Depreciation expense Interest expense Rent expense Insurance expense Total 7,000 7,000 4,000 $212,000 $212,000 Adjustment data at December 31, 2012: 2. Unearned service revenue earned during the year, $500. b. Supplies on hand, $5,000. c. Depreciation for the year, $8,000. d. Accrued salary expense, $1,000. c. Accrued service revenue, $3,000 246 Chapter 4 Requirements 1. Enter the account data in the Trial Balance columns of a worksheet, and com- plete the worksheet through the Adjusted Trial Balance. Key each adjusting entry by the letter corresponding to the data given. Leave a blank line under Service revenue. 2. Prepare the income statement, the statement of retained earnings, and the classi- fied balance sheet in account format. 3. Prepare closing journal entries from the worksheet. 4. Did the company have a good or a bad year during 2012? Give the reason for your answer. (Challenge)