Question

I need help. Thank You!

Using the information posted in Moodle (as Bonus), complete the ledger by posting the adjusting journal entries to the ledger (one page). Note that some of the accounts will have several entries and some will have none posted to them. After posting all the entries, summarize the balances. By this I mean draw a single underline and then total EACH account in the ledger. Circle the final balances. I've also posted slides from Chapter 4 that will help you (if needed) to create the statements. Then please hand-write each of the items indicated in (1)-(4) below. 1) Prepare an adjusted trial balance (slide 63) 2) Prepare an Income statement (slide 66) 3) Prepare a Retained Earnings Statement (slide 66) 4) Prepare a Balance Sheet (slide 67) Note that in practice, each of the items (1) through (4) are generally on a page by themselves. Because these are formal documents (i.e. Financial Statements), each statement should be on a page by itself. The one exception that sometimes exists is that the Income Statement and the Retained Earnings Statement are sometimes included on a single page (together). My preference if for you to put each statement on a separate page.

Answer 1

Flint Corporation Adjusting Enteries Date Particulars 31.10.2022 Supplies Expense a/c To Supplies (Supplies Expensed) Dr. Debit in $ Credit in $ 2210 2210 Dr. 115 31.10.2022 Insurance Expense a/c To Prepaid Insurance (Insurance expensed) 115 115 31.10.2022 Depreciation Expense - Equip a/c Dr. To Accum. Depre - Equip. (To depreciation recorded) 115 Dr. 850 31.10.2022 Unearned Service Revenue a/c To Service Revenue (Revenue recognized) 850 Dr. 31.10.2022 Accounts Receivable a/c To Service Revenue (Service revenue accrued) 230 Dr. 31.10.2022 Interest Expense a/c To Interest Payable (Interest accrued) 70 Dr. 1490 31.10.2022 Salaries and Wages Expense a/c To Salaries Payable (Salary accrued) 1490

Worksheet For the period ending 31.10.2022 Unadjusted Adjustments Adjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 15840 15840 230 230 2910 2210 700 690 115 575 5430 5430 115 115 2740 2740 2180 850 1330 70 70 1490 Particulars Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depre - Equip. Accounts Payable Unearned Service Revenue Interest Payable Salaries Payable Note Payable Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense - Equip Interest Expense Totals 5430 10730 1490 5430 10730 500 500 9200 1080 10280 1490 4000 910 2210 115 5490 910 2210 115 115 115 70 30280 30280 5080 5080 3218532185

10280 Statement of Income For the period ending 31.10.2022 Service Revenue Less: Salaries and Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense - Equip Interest Expense Net Income 5490 910 2210 115 115 70 8910 1370 Statement of Retained Earnings For the period ending 31.10.2022 Net Income Dividends 1370 -500 870

Amounts in $ Amounts in $ Balance sheet As at 31.10.2022 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Insurance Amounts in $ Amounts in $ Liabilities Current Liabilities 15840 Accounts Payable 230 Unearned Service Revenue 700 Interest Payable 575 17345 Salaries Payable 2740 1330 70 1490 5630 Non Current Assets Equipment Accum. Depre - Equip 5430 5430 -115 Non Current Liabilities Note Payable 5315 Shareholders Equity Common Stock Retained Earnings 22660 Total Liabilities & Equity 10730 870 11600 22660 Total Assets