The trial balance of Giambi Investment Advisers at December 31, 2012, follows: Adjustment data at December 31,

Question:

The trial balance of Giambi Investment Advisers at December 31, 2012, follows:

The trial balance of Giambi Investment Advisers at December 31,

Adjustment data at December 31, 2012:
a. 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.
e. Accrued service revenue, $3,000.

Requirements
1. Enter the account data in the Trial Balance columns of a worksheet, and complete 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 owner€™s equity, and the classified 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)

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Accounting

ISBN: 978-0132569309

9th Edition

Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv

Question Posted: