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The adjusted trial balance for Turnquist Company is shown below. TURNQUIST COMPANY Trial...

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Question

Accounting

The adjusted trial balance for Turnquist Company is shown below.

TURNQUIST COMPANY

Trial Balance

August 31, 2017

Before

Adjustment

After

Adjustment

Dr.

Cr.

Dr.

Cr.

Cash $10,000 $10,000

Accounts Receivable 8,500 9,500

Supplies 2,300 500

Prepaid Insurance 3,700 2,500

Equipment 12,000 12,000

Accumulated Depreciation-Equipment $ 3,400 $ 4,300

Accounts Payable 5,700 5,700

Salaries and Wages Payable 0 1,000

Unearned Rent Revenue 1,300 600

Owners Capital 13,100 13,100

Service Revenue 33,800 34,800

Rent Revenue 10,800 11,500

Salaries and Wages Expense 16,800 17,800

Supplies Expense 0 1,800

Rent Expense 14,800 14,800

Insurance Expense 0 1,200

Depreciation Expense 0 900

$68,100 $68,100 $71,000 $71,000

Prepare the income statement for the year.

TURNQUIST COMPANY

Income Statement

$

$

$

SHOW LIST OF ACCOUNTS

Prepare the owners equity statement for the year.

TURNQUIST COMPANY

Owners Equity Statement

$

:

$

SHOW LIST OF ACCOUNTS

Prepare the balance sheet at August 31. (List Assets in order of liquidity.)

TURNQUIST COMPANY

Balance Sheet

Assets

$

$

:

$

Liabilities and Owners Equity

$

$

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