Concept explainers
Preparing a worksheet, financial statements, and closing entries
The unadjusted
Adjustment data at December 31, 2016:
a. Unearned Revenue earned during the year, $700.
b. Office Supplies on hand, $2,000.
c.
d. Accrued Salaries Expense, $5, 000.
e. Accrued Service Revenue, $6,000.
Requirements
1. Prepare a worksheet for Farmer Investment Advisers at December 31, 2016.
2. Prepare the income statement, the statement of
3. Prepare closing entries.
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