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Category > Accounting Posted 25 Sep 2017 My Price 10.00

Olsen Graphics Company

Olsen Graphics Company was organized on January 1, 2012, by Gwen Olsen. At the end of the first 6 months of operations, the trial balance contained the accounts shown below.

Debits

  

Credits

  

Cash

$ 8,600

Notes Payable

$ 20,000

Accounts Receivable

14,000

Accounts Payable

9,000

Equipment

45,000

Owner’s Capital

22,000

Insurance Expense

2,700

Sales Revenue

52,100

Salaries and Wages Expense

30,000

Service Revenue

6,000

Supplies Expense

3,700

    

Advertising Expense

1,900

    

Rent Expense

1,500

    

Utilities Expense

1,700

    
 

$109,100

  

$109,100

Analysis reveals the following additional data.

1. The $3,700 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,500 of supplies was on hand.

2. The note payable was issued on February 1. It is a 9%, 6-month note.

3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1, 2012.

4. Service revenues are credited to revenue when received. At June 30, service revenue of $1,300 is unearned.

5. Sales revenue earned but unrecorded at June 30 totals $2,000.

6. Depreciation is $2,250 per year.

Instructions

(a) Journalize the adjusting entries at June 30.

(b) Prepare an adjusted trial balance.

(c) Prepare an income statement and owner’s equity statement for the 6 months ended June 30 and a balance sheet at June 30.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 01:09 PM My Price 10.00

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