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Category > Accounting Posted 23 Jul 2017 My Price 11.00

Star Limo Service Company

Prepare an adjusted trial balance and financial statements Consider the unadjusted trial balance of Star Limo Service Company at September 30, 2012, and the related month-end adjustment data.

STAR LIMO SERVICE COMPANY

Trial Balance

September 30, 2012

 

Balance

Account

Debit

Credit

Cash

$ 6,800

 

Accounts receivable

1,400

 

Prepaid rent

5,000

 

Supplies

1,200

 

Automobile

72,000

 

Accumulated depreciation

 

$ 3,800

Accounts payable

 

3,600

Salary payable

 

 

Common stock

 

61,200

Retained earnings

 

13,800

Dividends

3,700

 

Service revenue

 

9,700

Salary expense

1,400

 

Rent expense

 

 

Fuel expense

600

 

Depreciation expense

 

 

Supplies expense

 

 

Total

$92,100

$92,100

Adjustment data at September 30 follow:

  1. Accrued service revenue at September 30, $1,800.
  2. One-fifth of the prepaid rent expired during the month.
  3. Supplies on hand at September 30, $800.
  4. Depreciation on automobile for the month, $1,000.
  5. Accrued salary expense at September 30 for one day only.
  6. The five-day weekly payroll is $1,200.

Requirements

1. Write the trial balance on a worksheet, using Exhibit 3-8 as an example, and prepare the adjusted trial balance of Star Limo Service at September 30, 2012. Key each adjusting entry by letter.

2. Prepare the income statement and the statement of retained earnings for the month ended September 30, 2012, and the balance sheet at that date.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 10:07 PM My Price 11.00

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