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    The Unadjusted Trial Balance of Farish Investment Advisers at December 31, 2018, Follows

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    b1112014041
    The document provides an unadjusted trial balance, adjustment data, and requirements for Farish Investment Advisers for the year ended December 31, 2018. It requires preparing adjusting entries, income statement, statement of owner's equity, classified balance sheet, closing entries, and post-closing trial balance. The adjustments include $800 of unearned revenue earned, $4,500 of supplies on hand, $4,500 of depreciation expense, $5,000 of accrued salaries expense, and $6,500 of accrued service revenue.

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    The Unadjusted Trial Balance of Farish Investment Advisers at December 31, 2018, Follows

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    b1112014041
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    The document provides an unadjusted trial balance, adjustment data, and requirements for Farish Investment Advisers for the year ended December 31, 2018. It requires preparing adjusting entries, income statement, statement of owner's equity, classified balance sheet, closing entries, and post-closing trial balance. The adjustments include $800 of unearned revenue earned, $4,500 of supplies on hand, $4,500 of depreciation expense, $5,000 of accrued salaries expense, and $6,500 of accrued service revenue.

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    TT04_Q

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    The document provides an unadjusted trial balance, adjustment data, and requirements for Farish Investment Advisers for the year ended December 31, 2018. It requires preparing adjusting entries, income statement, statement of owner's equity, classified balance sheet, closing entries, and post-closing trial balance. The adjustments include $800 of unearned revenue earned, $4,500 of supplies on hand, $4,500 of depreciation expense, $5,000 of accrued salaries expense, and $6,500 of accrued service revenue.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    4 views3 pages

    The Unadjusted Trial Balance of Farish Investment Advisers at December 31, 2018, Follows

    Uploaded by

    b1112014041
    The document provides an unadjusted trial balance, adjustment data, and requirements for Farish Investment Advisers for the year ended December 31, 2018. It requires preparing adjusting entries, income statement, statement of owner's equity, classified balance sheet, closing entries, and post-closing trial balance. The adjustments include $800 of unearned revenue earned, $4,500 of supplies on hand, $4,500 of depreciation expense, $5,000 of accrued salaries expense, and $6,500 of accrued service revenue.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 3

    TUTORIAL TEST 4

    The unadjusted trial balance of Farish Investment Advisers at December 31, 2018, follows:

    Adjustment data at December 31, 2018:


    a. Unearned Revenue earned during the year, $800.
    b. Office Supplies on hand, $4,500.
    c. Depreciation for the year, $4,500.
    d. Accrued Salaries Expense, $5,000.
    e. Accrued Service Revenue, $6,500.
    Requirements
    1. Open the T-accounts using the balances in the unadjusted trial balance.
    2. Prepare a worksheet shown below for Farish Investment Advisers at December 31, 2018.
    3. Prepare the adjusting entries, and post to the accounts
    4. Prepare the income statement, the statement of owner’s equity, and the classified balance sheet in
    account format. Assume there were no contributions made by the owner during the year.
    5. Prepare closing entries and post to accounts.
    6. Prepare the post-closing trial balance.
    FARISH INVESTMENT ADVISERS
    Worksheet
    December 31, 2018
    Unadjusted Trial Adjusted Trial
    Account Names Balance Adjustments Balance Income Statement Balance Sheet
    Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
    Cash $ 30,000 $ 30,000 $ 30,000
    Accounts Receivable 51,000 e. $6,500 57,500 57,500
    Office Supplies 7,000 $ 2,500 b. 4,500 4,500
    Equipment 28,000 28,000 28,000
    Accum. Dep.—Equip $ 9,000 4,500 c. $ 13,500 $ 13,500
    Accounts Payable 13,000 13,000 13,000
    Salaries Payable 5,000 d. 5,000 5,000
    Unearned Revenue 5,500 a. 800 4,700 4,700
    Notes Payable 21,000 21,000 21,000
    Farish, Capital 56,500 56,500 56,500
    Farish, Withdrawals 29,000 29,000 29,000
    Service Revenue 93,000 800 a. 100,300 $ 100,300
    6,500 e.
    Insurance Expense 2,500 2,500 $ 2,500
    Salaries Expense 40,000 d. 5,000 45,000 45,000
    Supplies Expense b. 2,500 2,500 2,500
    Interest Expense 5,500 5,500 5,500
    Rent Expense 5,000 5,000 5,000
    Dep. Expense—Equip. c. 4,500 4,500 4,500
    Total $ 198,000 $ 198,000 $ 19,300 $ 19,300 $ 214,000 $ 214,000 $ 65,000 $ 100,300 $ 149,000 $ 113,700
    Net Income 35,300 35,300
    Total $ 100,300 $ 100,300 $ 149,000 $ 149,000

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