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KICM consultant service 's trial balance on December 31, 2019, is follow: KICM consultant service 's trial balance Trial balance December 31, 2019 Cash 22,000 14,000 2,400 24,000 6,000 12,000 Accounts Receivable Office Supplies Prepaid rent Prepaid insurance Offices equipment Accumulated depreciation- Office equipment Accounts payable Notes payable Unearned consultant service revenue David, capital David, withdrawals Consultant service revenue Utilities expense 2,000 4,500 11,500 10,500 26,200 3,000 30,000 1,300 84,700 84,700 The following information is also available: 1/ Ending inventory of office supplies, $2,000 2/ Prepaid rent expired, $2,000 3/ Depreciation of office equipment for the period, $1,500 4/ Interest expense payable at the end of the period, $ 700 5/ Salaries expense payable at the end of the period, $ 3,400. 6/ Consultant service revenue still uneaned at the end of the period, $7,500. 7/ Consultant service revenue earned but still unrecorded, $3,800. REQUIRED: 1/ Determine the required adjusting entries, and record them in the general journal. 2/ Prepare an adjusted trial balance and record closing entries. 3/ Prepare an income statement, a statement of owner 's equity, and a balance sheet for the month ended December 31, 2019 of KICM Company.

KICM consultant service 's trial balance on December 31, 2019, is follow: KICM consultant service 's trial balance Trial balance December 31, 2019 Cash 22,000 14,000 2,400 24,000 6,000 12,000 Accounts Receivable Office Supplies Prepaid rent Prepaid insurance Offices equipment Accumulated depreciation- Office equipment Accounts payable Notes payable Unearned consultant service revenue David, capital David, withdrawals Consultant service revenue Utilities expense 2,000 4,500 11,500 10,500 26,200 3,000 30,000 1,300 84,700 84,700 The following information is also available: 1/ Ending inventory of office supplies, $2,000 2/ Prepaid rent expired, $2,000 3/ Depreciation of office equipment for the period, $1,500 4/ Interest expense payable at the end of the period, $ 700 5/ Salaries expense payable at the end of the period, $ 3,400. 6/ Consultant service revenue still uneaned at the end of the period, $7,500. 7/ Consultant service revenue earned but still unrecorded, $3,800. REQUIRED: 1/ Determine the required adjusting entries, and record them in the general journal. 2/ Prepare an adjusted trial balance and record closing entries. 3/ Prepare an income statement, a statement of owner 's equity, and a balance sheet for the month ended December 31, 2019 of KICM Company.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 22CE: Service Revenue Softball Magazine Company received advance payments of $75,000 from customers during...
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KICM consultant service 's trial balance on December 31, 2019, is follow: KICM consultant service 's trial balance Trial balance December 31, 2019 Cash Accounts Receivable 22,000 14,000 2,400 24,000 6,000 12,000 Office Supplies Prepaid rent Prepaid insurance Offices equipment Accumulated depreciation- Office equipment Accounts payable Notes payable Unearned consultant service revenue David, capital David, withdrawals Consultant service revenue Utilities expense 2,000 4,500 11,500 10,500 26,200 3,000 30,000 1,300 84,700 84,700 The following information is also available: 1/ Ending inventory of office supplies, $2,000 2/ Prepaid rent expired, $2,000 3/ Depreciation of office equipment for the period, $1,500 4/ Interest expense payable at the end of the period, S 700 5/ Salaries expense payable at the end of the period, $ 3,400. 6/ Consultant service revenue still uneaned at the end of the period, $7,500. 7/ Consultant service revenue earned but still unrecorded, $3,800. REQUIRED: 1/ Determine the required adjusting entries, and record them in the general journal. 2/ Prepare an adjusted trial balance and record closing entries. 3/ Prepare an income statement, a statement of owner 's equity, and a balance sheet for the month ended December 31, 2019 of KICM Company.
Transcribed Image Text:KICM consultant service 's trial balance on December 31, 2019, is follow: KICM consultant service 's trial balance Trial balance December 31, 2019 Cash Accounts Receivable 22,000 14,000 2,400 24,000 6,000 12,000 Office Supplies Prepaid rent Prepaid insurance Offices equipment Accumulated depreciation- Office equipment Accounts payable Notes payable Unearned consultant service revenue David, capital David, withdrawals Consultant service revenue Utilities expense 2,000 4,500 11,500 10,500 26,200 3,000 30,000 1,300 84,700 84,700 The following information is also available: 1/ Ending inventory of office supplies, $2,000 2/ Prepaid rent expired, $2,000 3/ Depreciation of office equipment for the period, $1,500 4/ Interest expense payable at the end of the period, S 700 5/ Salaries expense payable at the end of the period, $ 3,400. 6/ Consultant service revenue still uneaned at the end of the period, $7,500. 7/ Consultant service revenue earned but still unrecorded, $3,800. REQUIRED: 1/ Determine the required adjusting entries, and record them in the general journal. 2/ Prepare an adjusted trial balance and record closing entries. 3/ Prepare an income statement, a statement of owner 's equity, and a balance sheet for the month ended December 31, 2019 of KICM Company.
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