Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 8.00

Orange Center

Image for P3-4B (Financial Statements, Adjusting and Closing Entries) The trial balance of Orange Center contained the f

Image text transcribed for accessibility: P3-4B (Financial Statements, Adjusting and Closing Entries) The trial balance of Orange Center contained the following accounts at June 30, the end of the company?s fiscal year. Adjustment data: 1. Supplies on hand totaled $2,200. 2. Depreciation is $6,800 on the equipment. 3. Interest of $3,800 is accrued on notes payable at June 30. Other data: 1. Salaries and wages expense is 60% selling and 40% administrative. 2. Rent expense and utilities expense are 70% selling and 30% administrative. 3. $10,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Instructions (a) Journalize the adjusting entries. (b) Prepare an adjusted trial balance. (c) Prepare a multiple-step income statement and retained earnings statement for the year and a classified balance sheet as of June 30,2014. (d) Journalize the closing entries. (e) Prepare a post-closing trial balance.

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Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 10:09 PM My Price 8.00

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