Construct the financial statements P3-59A (similar to) 1 correct 1 oof 14 comple

Question

Construct the financial statements P3-59A (similar to) 1 correct 1 oof 14 complete Consider the unadjusted trial balance of Lady, Inc. at December 31, 2014, and the related month-end adjustment data (ick the icon towew the month-end adjstrnent data) Requirements 1. Using the worksheet, prepare the adjusted trial balance of Lady, Inc. at December 31, 2014. The unadjusted balances have been entered for you. Key each adjusting entry by letter 2. Prepare the single step monthly income statement, the statement of retained earnings, and the classified balance sheet Requirement 1. Using the worksheet, prepare the adjusted trial balance of Lady, Inc. at balances have been entered for you Key each adjusting entry by letter 31, 2014. The unadjusted Calculate the total debits and credits. Then calculate the adjusted balance of each account and total the debit and credit columnsin the adjusted trial balance. Lady, Inc Trial Balance Work Sheet December 31, 2014 Adjustments Debit Trial Balance Account Debit Credit Credit Cash Accounts recerable Prepaid rent Supplies 7.600 1.500 2.100 2,700 Choose from nny listenter any number in th inut fields, then click Check Answer Document1 - Wo.. h the web and

Explanation / Answer

Adjustment Journal Entries Date Account Titles Debit Credit a. Dec 31,2014 Accounts Receivables 2890 Service Revenue 2890 b. Dec 31,2014 Rent Expense(2100/3) 700 Prepaid Rent 700 c. Dec 31,2014 Supplies Expense 2200 Supplies 2200 d. Dec 31,2014 Depreciation Expense 1050 Accumulated Depreciation-Furniture63000/5/12 1050 e. Dec 31,2014 Salary Expense 13800 Salary Payable 13800 23000/5*3 Lady Inc Adjusted Trial Balance as at Dec 31,2014 Cash 7600 Accounts Receivables 4390 Prepaid Rent 1400 Supplies 500 Furniture 63000 Accumulated Depreciation-Furniture 4350 Accounts Payables 4000 Salary Payable 13800 Common Stock 11000 Retained Earnings 46630 Dividends 4400 Service Revenue 22490 Salary expense 16500 Rent expense 700 Utilities expense 530 Depreciation Expense 1050 Supplies Expense 2200 TOTAL 102270 102270 Lady Inc Income Statement Service Revenue 22490 Less: Expenses Salary expense 16500 Rent expense 700 Utilities expense 530 Depreciation Expense 1050 Supplies Expense 2200 Dividends 4400 25380 Net Income -2890 Retained Earnings Opening Balance 46630 Current month loss -2890 Closing Balance 43740 Lady Inc. Balance Sheet as at ec 31,2014 Current Liabilities Current Assets Accounts Payables 4000 Cash 7600 Salary Payable 13800 17800 Accounts Receivables 4390 Shareholders' Net worth Prepaid Rent 1400 Common Stock 11000 Supplies 500 13890 Retained Earnings 43740 54740 Fixed Assets Furniture 63000 Less:Accumulated Depreciation-Furniture 4350 58650 72540 72540

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