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CHAPTER 3 Adjustin Instructions a Journaline the adjustin b. Prepare a ledger using the three- the adjusting entries. (Use J1 as the postiti 6 Prepare an adjasted trial balance on May 31. d. Prepare an income statement and an owner's equity statemen PRA (LO 2, 3,4) Financial Statement cial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown C. Adj. trial balance $101,055 d. Net income $4,795 Ending capital $46,175 Total assets $92,925 Alena Co, was organized on July 1, 2020. sheet at May 31. Prepare aduting entries and financial Shatements Alena Co. below September 30, 2020 Unadjusted Cr. Trial Balance Adjusted Cr. Dr. $ 8,700 11,500 650 500 Dr. $ 8,700 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue 10,400 1,500 2,200 18,000 18,000 $ 700 10,000 $-0 10,000 2,500 -0 -0- 2,500 725 100 1,900 22,000 450 22,000 1,600 1,600 16,000 1,410 17,100 2,860 Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 8,725 3,600 700 8,000 1,900 850 1,510 1,510 100 $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? b. Net income $4,475 Ending capital $24,875 Total assets $38,650

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