Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much
Question:
Data not yet recorded at December 31, 2014, included:
a. The supplies count on December 31, 2014, reflected S300 remaining supplies on hand to be used in 2015.
b. Insurance expired during 2014, 5800.
c. Depreciation expense for 2014, $3,700.
d. Wages earned by employees not yet paid on December 31, 2014, 5640.
e. Income tax expense, $5,540.
Required:
1. Record the 2014 adjusting entries.
2 Prepare an income statement and a classified balance sheet that include the effects of the preceding five transactions.
3. Record the 2014 closing entry.
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...
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Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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