The unadjusted trial balance of Fugazy Investment Advisers at December 31, 2014, follows: Adjustment data at December

Question:

The unadjusted trial balance of Fugazy Investment Advisers at December 31, 2014, follows:


The unadjusted trial balance of Fugazy Investment Advisers at December


Adjustment data at December 31, 2014:
a. Unearned Revenue earned during the year, $ 500.
b. Office Supplies on hand, $ 1,000.
c. Depreciation for the year, $ 6,000.
d. Accrued Salaries Expense, $ 1,000.
e. Accrued Service Revenue, $ 4,000.

Requirements
1. Prepare a worksheet for Fugazy Investment Advisers at December 31, 2014.
2. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format.
3. Prepare closing journalentries.

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

Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

Question Posted: