The trial balances of Grant Company follow with the accounts arranged in alphabetic order: Trial Balances Unadjusted
Question:
The trial balances of Grant Company follow with the accounts arranged in alphabetic order:
Trial Balances
Unadjusted Adjusted Post-Closing
Accounts Payable................................. $10,000 $10,000 $10,000
Accounts Receivable........................... 2,200 3,200 3,200
Accumulated Depreciation—equipment ................................................................. 13,000 17,000 17,000
Advertising Expense............................ 0 11,300 0
Cash........................................................ 60,000 60,000 60,000
Depreciation Expense.......................... 0 4,000 0
Equipment.............................................. 75,000 75,000 75,000
F. Grant, Capital.................................... 82,200 82,200 102,400
F. Grant, Drawings............................... 16,000 16,000 0
Prepaid Advertising.............................. 12,800 1,500 1,500
Prepaid Rent.......................................... 15,000 11,000 11,000
Rent Expense........................................ 0 4,000 0
Service Revenue.................................. 96,000 105,000 0
Supplies................................................. 3,200 700 700
Supplies Expense................................. 2,000 4,500 0
Unearned Revenue.............................. 23,000 15,000 15,000
Wages Expense.................................... 38,000 45,000 0
Wages Payable..................................... 0 7,000 7,000
Required:
Analyze the data and prepare a) the adjusting entries and
b) the closing entries made by the Grant Company.
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina