Use the following Company T adjusted trial balance to prepare the following: Adjusted Trial Balance Debit Credit Cash $24,000 Accounts Receivable 14,900 Prepaid Insurance 5,400 Land 13,500 Accounts Payable $12,400 Salaries Payable 1,500 Common Stock 35,000 Retained Earnings 10,200 Dividends 6,000 Service Revenue 56,100 Insurance Expense 7,600 Salaries Expense 39,000 Miscellaneous Expense 4,800 $115,200 $115,200 A. Prepare an income statement. Company T Income Statement For the Year Ended December 31, 2020 Revenues: Expenses: Total Expenses B. Prepare a statement of retained earnings. Company T Retained Earnings Statement For the Year Ended December 31, 2020 C. Prepare a balance sheet (simple-unclassified). Company T Balance Sheet December 31, 2020 Assets Total Assets Liabilities

Question
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Use the following Company T adjusted trial balance to prepare the following:
Adjusted Trial Balance
Debit
Credit
Cash
$24,000
Accounts Receivable
14,900
Prepaid Insurance
5,400
Land
13,500
Accounts Payable
$12,400
Salaries Payable
1,500
Common Stock
35,000
Retained Earnings
10,200
Dividends
6,000
Service Revenue
56,100
Insurance Expense
7,600
Salaries Expense
39,000
Miscellaneous Expense
4,800
$115,200
$115,200
A. Prepare an income statement.
Company T
Income Statement
For the Year Ended December 31, 2020
Revenues:
Expenses:
Total Expenses
B. Prepare a statement of retained earnings.
Company T
Retained Earnings Statement
For the Year Ended December 31, 2020
C. Prepare a balance sheet (simple-unclassified).
Company T
Balance Sheet
December 31, 2020
Assets
Total Assets
Liabilities
Expand
Transcribed Image Text

Use the following Company T adjusted trial balance to prepare the following: Adjusted Trial Balance Debit Credit Cash $24,000 Accounts Receivable 14,900 Prepaid Insurance 5,400 Land 13,500 Accounts Payable $12,400 Salaries Payable 1,500 Common Stock 35,000 Retained Earnings 10,200 Dividends 6,000 Service Revenue 56,100 Insurance Expense 7,600 Salaries Expense 39,000 Miscellaneous Expense 4,800 $115,200 $115,200 A. Prepare an income statement. Company T Income Statement For the Year Ended December 31, 2020 Revenues: Expenses: Total Expenses B. Prepare a statement of retained earnings. Company T Retained Earnings Statement For the Year Ended December 31, 2020 C. Prepare a balance sheet (simple-unclassified). Company T Balance Sheet December 31, 2020 Assets Total Assets Liabilities

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