Prepare an adjusted trial balance and financial statements [45-60 min]
Consider the unadjusted trial balance of Star Limo Service Company at September 30, 2012, and the related month-end adjustment data.
Adjustment data at September 30 follow:
a. Accrued service revenue at September 30, $1,800.
b. One-fifth of the prepaid rent expired during the month.
c. Supplies on hand at September 30, $800.
d. Depreciation on automobile for the month, $1,000.
e. Accrued salary expense at September 30 for one day only. The five-day weekly payroll is $1,200.
Requirements
1. Write the trial balance on a worksheet, using Exhibit as an example, and prepare the adjusted trial balance of Star Limo Service at September 30, 2012. Key each adjusting entry by letter.
2. Prepare the income statement and the statement of retained earnings for the month ended September 30, 2012, and the balance sheet at that date.
Preparation of Adjusted Trial Balance
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