The unadjusted trial balance of Farmer Investment Advisers at December 3 1 , 2 0 1
Question:
The unadjusted trial balance of Farmer Investment Advisers at December follows:
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Adjustment data at December :
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Requirements
Prepare a worksheet for Farmer Investment Advisers at December
Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format.
Assume that there were no contributions made by the owner during the year.
Prepare closing entries.
Requirement Prepare a worksheet for Farmer Investment Advisers at December
The unadjusted balances have been entered for you in the trial balance columns of the worksheet. Complete the worksheet one section at a time beginning with the Adjustments section. Enter the adjustments along with the adjustment letter referencesabc etc.into the columns as appropriate. In the following step, complete the Adjusted Trial Balance. Lastly, complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step.
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Farmer Investment Advisers
Worksheet
December
tableAcct Title,tableUnadjustedTrial BalanceAdjustmentsDebitCredit,Debit,CrediCashOffice Supp.,EquipmentADEquip.,,Salaries Pay.,,,,Unearn Rev.,,NP ItFarmer Cap.,,Farmer WDService Rev.,,Ins Exp.,Salaries Exp.,Supplies Exp.,,,,Interest Exp.,Rent Exp.,Depr Exp.,,,,Total
Net income or loss
Data table
tableFarmer Investment AdvisersUnadjusted Trial BalanceDecember Account Title,BalanceDebitCreditCash$Accounts Receivable,,Office Supplies,,EquipmentAccumulated DepreciationEquipment,,,$Accounts Payable,,,,Salaries PayableUnearned Revenue,,,,Notes Payable longtermFarmer Capital,,,,Farmer Withdrawals,,Service Revenue,,,,Insurance Expense,,Salaries Expense,,Supplies ExpenseInterest Expense,,Rent Expense,,Depreciation ExpenseEquipmentTotal$$
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura