income statement ammunts trom the December 31 adjusted tcial balance of hnderson

Question

income statement ammunts trom the December 31 adjusted tcial balance of hnderson Prodaction Company follow. Anderson Production Company Unadjusted Trial Balance 14,100 From the Adjusted Trial Balance Account Cash Prepaid rent Equipment Accumulated depreciation Accounts payable Salary payahle Unearned vervioe revenue Income tax payable Notes payable, long term Common stock Retained earming Dividends 800 42,00 3,400 5,100 9,100 16,000 8,600 8,500 1,400 13,200 19,500 Salary expense Depreciarion xpense Total 4,30% 1,300 4,600 1,600 700 1,500 Income tax expese 63,900 63,900 8,400 19,500 r rn li @ hadjust rig and closing entries of Anderson production Company at December 31. There wan ondy one adjustment to Service Revenue.

Explanation / Answer

Adjusting entries 1 Unearned service revenue 6300                   Service revenue 6300 2 Rent expense 300                 Prepaid rent 300 3 Salary expense 300                 Salary payable 300 4 Depreciation expense 700               Accumulated depreciation 700 5 Income tax expense 1500               Income tax payable 1500 Closing entries 1 Service revenue 19500                  Income summary 19500 2 Income summary 8400                 Salary expense 4600                 Rent expense 1600                 Depreciation expense 700                 Income tax expense 1500 3 Income summary 11100                 Retained earnings 11100 4 Retained earanings 1400                 Dividends 1400

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