An adjusted trial balance is a list of accounts and balances prepared after recording and posting...

 

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An adjusted trial balance is a list of accounts and balances prepared after recording and posting adjusting entries. Financial statements are often prepared from the adjusted trial balance. Revenue and expense balances are reported on the income statement. Asset, liability, and equity balances are reported on the balance sheet. We usually prepare statements in the following order: income statement, statement of retained earnings, balance sheet, and statement of cash flows. Adjusted Trial Balance December 31, 2021 Acct. No. Account Title 101 Cash...... 106 Accounts recelvable.. 126 Supplies.... 125 Prepaid Insurance.. 167 Equipment.... 168 Accumulated depreciation-Equipment. 201 Accounts payable... 209 Salaries payable... 236 Unearned consulting revenue... 307 Common stock. 318 Retained earnings. 319 Dividends........ 403 Consulting revenue... 406 Rental revenue.... 612 Depreciation expense-Equipment.. 622 Salaries expense.... 637 Insurance expense.. 640 Rent expense...... 652 Supplies expense.. 690 Utilities expense.... Totals...... Debit Credit $ 4,275 1,800 8,670 2,300 26,000 200 300 1,610 $ 300 6,200 210 2,750 30,000 0 7,850 300 100 1,000 1,050 305 $47,610 $47,610 Income Statement For Month Ended December 31, 2021 Revenues Consulting revenue... Rental revenue.. Total revenues... Expenses Depreciation expense-Equipment Salaries expense... Insurance expense... Rent experise. Supplies expense. Utilities expense.... Total expenses. Net income.. How $7,850 300 Retained earnings, December 1.... Add: Net income 300 1,610 100 1,000 1,050 305 38,150 Statement of Retained Earnings For Month Ended December 31, 2021 skák kedven HA Less: Dividends Retained earnings, December 31.ág” 4,365 $3,285 0 3,785 3,785 -200 $3,585 Required information ALCI. No. Account Title 101 Cash........... 106 Accounts recelvable... 126 Supplies.. 128 Prepaid Insurance.... 167 Equipment.. 168 Accumulated depreciation-Equipment. 403 Consulting revenue... 406 Rental revenue... 201 Accounts payable.. 209 Salaries payable.. 236 Unearned consulting revenue........... 307 Common stock....... 318 Retained earnings. 319 Dividends.... man 637 Insurance expense..... 640 Rent expense........ 652 Supplles expense.. 690 Utilities expense.. Totals....... mumm 612 Depreciation expense-Equipment..... 622 Salaries expense... Account Names Consulting Revenue: Rent Expense: Dividends: ******* ********** 0:00 / 0:00 Debit Credit $4,275 1,800 8,670 300 26,000 200 300 1,610 100 1,000 1,050 305 $300 6,200 210 2,750 30,000 0 7,850 300 $47,610 $47,610 Rental revenue........ Total revenues...... Expenses Financial Statement Depreciation expense-Equipment 300 Salaries expense...... 1,610 Insurance expense................... 100 *********** 300 Rent expense....... 1,000 Supplies expense....................... 1,050 Utilities expense. 305 Total expenses....... -Net income....... Retained earnings, December 1............ Add: Net income. Less: Dividends Retained earnings, December 31 Statement of Retained Earnings For Month Ended December 31, 2021 ********** ******** $8,150 4,365 $3,785 $ Knowledge Check 01 Classify the following accounts into the correct financial statement using the drop-down list. 0 3,785 3,785 -200 $3,585 Required information An adjusted trial balance is a list of accounts and balances prepared after recording and posting adjusting entries. Financial statements are often prepared from the adjusted trial balance. Revenue and expense balances are reported on the income statement. Asset, liability, and equity balances are reported on the balance sheet. We usually prepare statements in the following order: income statement, statement of retained earnings, balance sheet, and statement of cash flows. Adjusted Trial Balance December 31 Acct. No. Account Title 101 Cash...... 106 Accounts receivable.. 126 Supplies.. 128 Prepaid Insurance. 167 Equipment.. 168 Accumulated depreciation-Equip... 201 Accounts payable, 209 Salaries payable... 236 Uneamed consulting revenue.. 307 Common stock.. 318 Retained earnings.. 319 Dividends... 403 Consulting revenue. 406 Rental revenue.. 612 Depreciation expense-Equip.. 622 Salaries expense... 637 Insurance expense... 640 Rent expense..... 652 Supplies expense.. 690 Utilities expense.. Totals.. Debit $4,275 1,800 8,670 2,300 26,000 200 300 1,610 100 1,000 1,050 305 $47,610 Credit $300 210 2,750 30,000 0 7,850 300 $47,610 Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1. Plus: Net Income... Less: Cash dividends Retained earnings, December 31...... Balance Sheet December 31 Assets Cash. Accounts receivable.. Supplies. Prepaid insuranco... Equipment.... Less accumulated depreciation. Total assets. Liabilities Accounts payable.. Supplies payable... Uneamed consulting revenue.. Total liabilities. Equity Common stock... Retained earnings.. Total liabilities & equity. $26,000 300 0 3,785 $ 3,785 200 $3,585 $4,275 1,800 8,670 2,300 25,700 $42,745 210 2.750 9,160 30,000 3.585 $42,745 Required information Adjusted Trial Balance December 31 Acct. No. Account Title 101 Cash........... 106 Accounts receivable... 126 Supplies.. 128 Prepaid Insurance... 167 Equipment.. 168 Accumulated depreciation-Equip... 201 Accounts payable... 209 Salaries payable.. 236 Unearned consulting revenue......... 307 Common stock... 318 Retained earnings.. 319 Dividends..... 403 Consulting revenue.. 406 Rental revenue... 612 Depreciation expense-Equip.. 622 Salaries expense.. 637 Insurance expense.. 640 Rent expense.. 652 Supplies expense... 690 Utilities expense... Totals. 0:00 / 0:10 Accounts Receivable Unearned Revenue Accounts Payable Debit Credit $4,275 1,800 8,670 2,300 26,000 200 300 1,610 100 1,000 1,050 305 $47,610 $ 300 210 2,750 30,000 0 7,850 300 $47,610 For Month Ended December 31 $ 0 3,785 Retained earnings, December 1......... Plus: Net Income... Less: Cash dividends Retained earnings, December 31...... Prepaid-insurance Equipment.. Balance Sheet December 31 Assets Cash... Accounts receivable............... Supplies.. www. Less accumulated depreciation.... Total assets. Liabilities Accounts payable... Supplies payable.. Uneamed consulting revenue... Total liabilities... Equity Common stock.... Retained earnings.. Total liabilities & equity... ***** $26,000 300 CO 3,785 200 $3,585 4,275 1,800 8,670 2,300 25,700 $42,745 Knowledge Check 01 Classify the following list of accounts into the correct account type using the drop-down list. $6,200 210 2,750 9,160 30,000 3,585 $42,745 An adjusted trial balance is a list of accounts and balances prepared after recording and posting adjusting entries. Financial statements are often prepared from the adjusted trial balance. Revenue and expense balances are reported on the income statement. Asset, liability, and equity balances are reported on the balance sheet. We usually prepare statements in the following order: income statement, statement of retained earnings, balance sheet, and statement of cash flows. Adjusted Trial Balance December 31, 2021 Acct. No. Account Title 101 Cash...... 106 Accounts recelvable.. 126 Supplies.... 125 Prepaid Insurance.. 167 Equipment.... 168 Accumulated depreciation-Equipment. 201 Accounts payable... 209 Salaries payable... 236 Unearned consulting revenue... 307 Common stock. 318 Retained earnings. 319 Dividends........ 403 Consulting revenue... 406 Rental revenue.... 612 Depreciation expense-Equipment.. 622 Salaries expense.... 637 Insurance expense.. 640 Rent expense...... 652 Supplies expense.. 690 Utilities expense.... Totals...... Debit Credit $ 4,275 1,800 8,670 2,300 26,000 200 300 1,610 $ 300 6,200 210 2,750 30,000 0 7,850 300 100 1,000 1,050 305 $47,610 $47,610 Income Statement For Month Ended December 31, 2021 Revenues Consulting revenue... Rental revenue.. Total revenues... Expenses Depreciation expense-Equipment Salaries expense... Insurance expense... Rent experise. Supplies expense. Utilities expense.... Total expenses. Net income.. How $7,850 300 Retained earnings, December 1.... Add: Net income 300 1,610 100 1,000 1,050 305 38,150 Statement of Retained Earnings For Month Ended December 31, 2021 skák kedven HA Less: Dividends Retained earnings, December 31.ág” 4,365 $3,285 0 3,785 3,785 -200 $3,585 Required information ALCI. No. Account Title 101 Cash........... 106 Accounts recelvable... 126 Supplies.. 128 Prepaid Insurance.... 167 Equipment.. 168 Accumulated depreciation-Equipment. 403 Consulting revenue... 406 Rental revenue... 201 Accounts payable.. 209 Salaries payable.. 236 Unearned consulting revenue........... 307 Common stock....... 318 Retained earnings. 319 Dividends.... man 637 Insurance expense..... 640 Rent expense........ 652 Supplles expense.. 690 Utilities expense.. Totals....... mumm 612 Depreciation expense-Equipment..... 622 Salaries expense... Account Names Consulting Revenue: Rent Expense: Dividends: ******* ********** 0:00 / 0:00 Debit Credit $4,275 1,800 8,670 300 26,000 200 300 1,610 100 1,000 1,050 305 $300 6,200 210 2,750 30,000 0 7,850 300 $47,610 $47,610 Rental revenue........ Total revenues...... Expenses Financial Statement Depreciation expense-Equipment 300 Salaries expense...... 1,610 Insurance expense................... 100 *********** 300 Rent expense....... 1,000 Supplies expense....................... 1,050 Utilities expense. 305 Total expenses....... -Net income....... Retained earnings, December 1............ Add: Net income. Less: Dividends Retained earnings, December 31 Statement of Retained Earnings For Month Ended December 31, 2021 ********** ******** $8,150 4,365 $3,785 $ Knowledge Check 01 Classify the following accounts into the correct financial statement using the drop-down list. 0 3,785 3,785 -200 $3,585 Required information An adjusted trial balance is a list of accounts and balances prepared after recording and posting adjusting entries. Financial statements are often prepared from the adjusted trial balance. Revenue and expense balances are reported on the income statement. Asset, liability, and equity balances are reported on the balance sheet. We usually prepare statements in the following order: income statement, statement of retained earnings, balance sheet, and statement of cash flows. Adjusted Trial Balance December 31 Acct. No. Account Title 101 Cash...... 106 Accounts receivable.. 126 Supplies.. 128 Prepaid Insurance. 167 Equipment.. 168 Accumulated depreciation-Equip... 201 Accounts payable, 209 Salaries payable... 236 Uneamed consulting revenue.. 307 Common stock.. 318 Retained earnings.. 319 Dividends... 403 Consulting revenue. 406 Rental revenue.. 612 Depreciation expense-Equip.. 622 Salaries expense... 637 Insurance expense... 640 Rent expense..... 652 Supplies expense.. 690 Utilities expense.. Totals.. Debit $4,275 1,800 8,670 2,300 26,000 200 300 1,610 100 1,000 1,050 305 $47,610 Credit $300 210 2,750 30,000 0 7,850 300 $47,610 Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1. Plus: Net Income... Less: Cash dividends Retained earnings, December 31...... Balance Sheet December 31 Assets Cash. Accounts receivable.. Supplies. Prepaid insuranco... Equipment.... Less accumulated depreciation. Total assets. Liabilities Accounts payable.. Supplies payable... Uneamed consulting revenue.. Total liabilities. Equity Common stock... Retained earnings.. Total liabilities & equity. $26,000 300 0 3,785 $ 3,785 200 $3,585 $4,275 1,800 8,670 2,300 25,700 $42,745 210 2.750 9,160 30,000 3.585 $42,745 Required information Adjusted Trial Balance December 31 Acct. No. Account Title 101 Cash........... 106 Accounts receivable... 126 Supplies.. 128 Prepaid Insurance... 167 Equipment.. 168 Accumulated depreciation-Equip... 201 Accounts payable... 209 Salaries payable.. 236 Unearned consulting revenue......... 307 Common stock... 318 Retained earnings.. 319 Dividends..... 403 Consulting revenue.. 406 Rental revenue... 612 Depreciation expense-Equip.. 622 Salaries expense.. 637 Insurance expense.. 640 Rent expense.. 652 Supplies expense... 690 Utilities expense... Totals. 0:00 / 0:10 Accounts Receivable Unearned Revenue Accounts Payable Debit Credit $4,275 1,800 8,670 2,300 26,000 200 300 1,610 100 1,000 1,050 305 $47,610 $ 300 210 2,750 30,000 0 7,850 300 $47,610 For Month Ended December 31 $ 0 3,785 Retained earnings, December 1......... Plus: Net Income... Less: Cash dividends Retained earnings, December 31...... Prepaid-insurance Equipment.. Balance Sheet December 31 Assets Cash... Accounts receivable............... Supplies.. www. Less accumulated depreciation.... Total assets. Liabilities Accounts payable... Supplies payable.. Uneamed consulting revenue... Total liabilities... Equity Common stock.... Retained earnings.. Total liabilities & equity... ***** $26,000 300 CO 3,785 200 $3,585 4,275 1,800 8,670 2,300 25,700 $42,745 Knowledge Check 01 Classify the following list of accounts into the correct account type using the drop-down list. $6,200 210 2,750 9,160 30,000 3,585 $42,745

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