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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Peterman Co.

Peterman Co. was organized on July 1, 2012. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.

 

   

PETERMAN CO.

    
   

Trial Balance

    
   

September 30, 2012

    
   

Unadjusted

Adjusted

  
 

Dr.

Cr.

Dr.

Cr.

Cash

$ 8,700

  

$ 8,700

  

Accounts Receivable

10,400

  

11,500

  

Supplies

1,500

  

650

  

Prepaid Rent

2,200

  

1,200

  

Equipment

18,000

  

18,000

  

Accumulated Depreciation—Equipment

  

$ –0–

  

$ 700

Notes Payable

  

10,000

  

10,000

Accounts Payable

  

2,500

  

2,500

Salaries and Wages Payable

  

–0–

  

725

Interest Payable

  

–0–

  

100

Unearned Rent Revenue

  

1,900

  

1,050

Owner’s Capital

  

22,000

  

22,000

Owner’s Drawings

1,600

  

1,600

  

Service Revenue

  

16,000

  

17,100

Rent Revenue

  

1,410

  

2,260

Salaries and Wages Expense

8,000

  

8,725

  

Rent Expense

1,900

  

2,900

  

Depreciation Expense

    

700

  

Supplies Expense

    

850

  

Utilities Expense

1,510

  

1,510

  

Interest Expense

    

100

  
 

$53,810

$53,810

$56,435

$56,435

 

Instructions

 

(a) Journalize the adjusting entries that were made.

 

(b) Prepare an income statement and an owner’s equity statement for the 3 months ending September 30 and a balance sheet at September 30.

(c) If the note bears interest at 12%, how many months has it been outstanding?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 01:09 PM My Price 9.00

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