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Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments.
| Walton Anvils |
| Unadjusted Trial Balance |
| December 31, 2016 |
| | Balance |
| Account Title | Debt | Credit |
| Cash | $ 16,900.00 | |
| Accounts Receivable | 17,500 | |
| Prepaid Rent | 2,500 | |
| Office Supplies | 1,900 | |
| Equipment | 23,000 | |
| Accumulated Depreciation - Equipment | | $ 7,000.00 |
| Accounts Payable | | 6,200.00 |
| Salaries Payable | | |
| Unearned Revenue | | 5,600.00 |
| Common Stock | | 28,000.00 |
| Retained Earnings | | 1,600.00 |
| Dividends | 4,500 | |
| Service Revenue | | 20,800.00 |
| Salaries Expense | 2,900 | |
| Rent Expense | | |
| Depreciation Expense - Equipment | | |
| Supplies Expense | | |
| Total | $ 69,200.00 | $ 69,200.00 |
Adjustment Data
| a. Unearned revenue still unearned at December 31, 2016 | $1,800 |
| b. Prepaid rent still in force at December 31, 2016 | $2,300 |
| c. Office supplies used | $1,400 |
| d. Depreciation | $380 |
| e. Accrued Salaries Expense at December 31, 2016 | $210 |
- Open T-accounts using the balances in the unadjusted trial balance.
- Complete the worksheet for the year ended December 31, 2016.
- Prepare the adjusting entries and post to the T-accounts.
- Prepare the adjusted trial balance.
- Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
- Prepare the closing entries and post to the T-accounts.
- Prepare a post-closing trial balance.
- Calculate the current ratio for the company.
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Question no. 6
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Answer & Explanation
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