Required: Use the transactions in unadjusted trial balance to update the affected T accounts. Prepare the company’s adjusted trial balance, income statement, statement of owner’s equity and classified balance sheet for 2020. *Account names to use: Cash Service revenue Accounts receivable Salary expense Supplies Depreciation expense Prepaid Insurance Insurance expense Delivery truck Fuel expense Accumulated depreciation Rent expense Accounts payable Supplies expense Salary payable Income summary Unearned service revenue Kay’s, Capital Kay’s, Drawing
Required: Use the transactions in unadjusted trial balance to update the affected T accounts. Prepare the company’s adjusted trial balance, income statement, statement of owner’s equity and classified balance sheet for 2020. *Account names to use: Cash Service revenue Accounts receivable Salary expense Supplies Depreciation expense Prepaid Insurance Insurance expense Delivery truck Fuel expense Accumulated depreciation Rent expense Accounts payable Supplies expense Salary payable Income summary Unearned service revenue Kay’s, Capital Kay’s, Drawing
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required:
Use the transactions in unadjusted
Prepare the company’s adjusted trial balance, income statement, statement of owner’s equity and classified balance sheet for 2020.
*Account names to use:
Cash |
Service revenue |
|
Salary expense |
Supplies |
|
Prepaid Insurance |
Insurance expense |
Delivery truck |
Fuel expense |
Accumulated depreciation |
Rent expense |
Accounts payable |
Supplies expense |
Salary payable |
Income summary |
Unearned service revenue |
|
Kay’s, Capital |
|
Kay’s, Drawing |
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