all the requirements leting the accounting cycle from adjusting entries to post

Question

all the requirements

leting the accounting cycle from adjusting entries to post ce with an optional worksheet The snadusted trial the adjustments follow: balance of Walton Anvils at December 31,2018, and the data for of s to post-closing Learning Objectives 1, 2, 3, 5 Net income $18,890 WALTON ANVILS Unadjusted Trial Balance December 31, 2018 Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Debit Credit S 13,480 4,500 2,320 1,700 23,000 1,000 7,100 6,000 28,500 Walton, Capital Walton, Withdrawals 4,600 Service Revenue 19,500 Salaries Expense 2,500 Rent Expense Depreciation Expense-Equipment Supplies Expense Total S 62,100 62,100 Adjustment data: a. Unearned Revenue still unearned at December 31, $1,800. b. Prepaid Rent still in force at December 31, $2,100. c. Office Supplies used, $1,500. d. Depreciation, $390. e. Accrued Salaries Expense at December 31, S200. Requirements 2. Complete the worksheet for the year ended December 31, 2018 (optional). 3. Prepare the adjusting entrie 1. Open the Taccounts using the balances in the unadjusted tial balance. s, and post to the accounts. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. Assume that there were no contributions made by the owner during the year. 4. Prepare an adjusted trial balancoe. 5.

Explanation / Answer

2. Journal entries

3.

4.

Cash Accounts receivable Prepaid rent Office supplies Beg.Bal. 13480 Beg.Bal. 14500 Beg.Bal. 2320 220 b Beg.Bal. 1700 1500 c End Bal. 13480 End.Bal. 14500 End Bal. 2100 End Bal. 200 Equipment Acumulated depreciation - equipment Accounts payable Salaries payable Beg.Bal. 23000 1000 Beg.Bal. 7100 Beg.Bal. 200 e 390 d End Bal. 2300 1390 End Bal. 7100 End Bal. 200 End Bal. Unearned revenue Walton, Capital Walton, Withdrawals Service Revenue a 4200 6000 Beg.Bal. 28500 Beg.Bal. 4600 Beg.Bal. 19500 Beg.Bal. 4200 a 1800 End Bal. 28500 End Bal. End Bal. 4600 23700 Salaries expense Rent Expense Depreciation Expense Supplies expense Beg.Bal. 2500 a 220 d 390 c 1500 e 200 2700 220 390 1500

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