(L.OBJ. 5, 6) Prepare an adjusted trial balance and financial statements [45-60 min] Co...

(L.OBJ. 5, 6) Prepare an adjusted trial balance and financial statements [45-60 min]

Consider the unadjusted trial balance of Hummer Limo Service Company at October 31, 2012, and the related month-end adjustment data.

Adjustment data at October 31, 2012;

a. Accrued service revenue a October 31, $1,900

b. One-Fifth of the prepaid rent expired during the month

c. Supplies on hand at October 31, $800

d. Depreciation on automobile for the month, $1,200

e. Accrued salary expense at October 31 for One day only. The five-day weekly payroll is $1 900.

Requirements

1. Write the trial balance on a work sheet, using Exhibit 3-9 as an example, and prepare the adjusted trial balance of Hummer Limo Service Company at October 31, 2012. Key each adjusting entry by letter.

2. Prepare the income statement and the statement of owner’s equity for the month ended October 31, 2012, and the balance sheet at that date.