Requirements

 

 1. Using Exhibit 3-9 as an example, prepare the adjusted trial balance of Glasgow, Inc., at August 31, 20X6. Key each adjusting entry by letter. 

 

2. Prepare the monthly Income Statement, the statement of changes in equity, and the classi- fied Balance Sheet. Draw arrows linking the three statements.

 

 3. Journalize the adjusting entries at December 31, 20X6.

 

 4. Post the adjusting entries. 

 

5. Make Moscow's closing entries at December 31, 20X6.

 

 6. Post the closing entries to Retained Earnings..

 

 ( QUESTIONS #5-6 URGENTLY NEEDED)

 

P3-71B. (Learning Objectives 3, 4: Preparing an adjusted trial balance and the financial statements) Consider the unadjusted trial balance of Glasgow, Inc., at August 31, 20X6, and the related month-end adjustment data. A1 A Glasgow, Inc. Trial Balance Worksheet August 31, 20X6 D 1 2 Trial Balance Adjustments 3 Account Debit Credit Debit Credit Adjusted Trial Balance Debit Credit 4 Cash 9,300 5 Accounts receivable 1,600 6 Prepaid rent 2,400 7 Supplies 2,200 8 Furniture 81,000 9 Accumulated depreciation 4,000 10 Accounts payable 3,500 11 Salary payable 12 Share capital 15,200 13 Retained earnings 71,000 14 Dividends 3,800 15 Service revenue 10,400 16 Salary expense 3,200 17 Rent expense 18 Utilities expense 600 19 Depreciation expense 20 Supplies expense 21 Total 104,100 104,100 22 Adjustment data at August 31, 20X6, include the following: a. Accrued advertising revenue at August 31, 2,200 b. Prepaid rent expired during the month. The unadjusted prepaid balance of 2,400 relates to the period August 20X6 through October 20X6. c. Supplies used during August, 1,900 d. Depreciation on furniture for the month. The furniture's expected useful life is five years. e. Accrued salary expense at August 31 for Monday, Tuesday, and Wednesday. The five- day weekly payroll is 5,500 and will be paid on Friday. Requirements 1. Using Exhibit 3-9 as an example, prepare the adjusted trial balance of Glasgow, Inc., at August 31, 20X6. Key each adjusting entry by letter. 2. Prepare the monthly Income Statement, the statement of changes in equity, and the classi- fied Balance Sheet. Draw arrows linking the three statements. Group Assignment Financial Accounting 2020 3. Journalize the adjusting entries at December 31, 20X6. 4. Post the adjusting entries. 5. Make Moscow's closing entries at December 31, 20x6. 6. Post the closing entries to Retained Earnings..