Everett Co. was organized on July 1, 2015. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.
EVERETT CO.
Trial Balance
September 30, 2015
Unadjusted Adjusted
Dr. Cr. Dr. Cr.
Cash $ 8,744 $ 8,744
Accounts Receivable 10,441 11,457
Supplies 1,490 650
Prepaid Rent 2,197 1,223
Equipment 18,260 18,260
Accumulated Depreciation—Equipment $ - 0 - $ 719
Notes Payable 9,500 9,500
Accounts Payable
2,499 2,499
Salaries and Wages Payable
- 0 - 710
Interest Payable
- 0 - 95
Unearned Rent Revenue
1,932 1,048
Common Stock 22,020 22,020
Dividends 1,641 1,641
Service Revenue 16,356 17,372
Rent Revenue
1,398 2,282
Salaries and Wages Expense
7,528 8,238
Rent Expense 1,896 2,870
Depreciation Expense 719
Supplies Expense 840
Utilities Expense
1,508 1,508
Interest Expense
95
$ 53,705 $ 53,705 $ 56,245 $ 56,245
-Journalize the annual adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
-Prepare an income statement for the 3 months ending September 30, 2015.
-Prepare a statement of retained earnings for the 3 months ending September 30, 2015. (List items that increase retained earnings first.)
-Prepare a balance sheet at September 30. (List assets in order of liquidity.)
-If the note bears interest at 12%, how many months has it been outstanding?
-
0 answers