The trial balance of Huston Investment Advisers as at December follows:
Huston Investment Advisers
Trial Balance
December
Balance
Account
Debit
Credit
Cash
$
Accounts Receivable
Supplies
Equipment
Accumulated depreciation
Accounts payable
$
Salary payable
Unearned service revenue
Note payable, longterm
Huston, capital
Huston, drawing
Service revenue
Salary expense
Supplies expense
Depreciation expense
Interest expense
Rent expense
Insurance expense
Total
$
$ Adjustment data at December ;
a Unearned service revenue earned during the year,
b Supplies on hand, $
c Depreciation for the year, $
d Accrued salary expense $
e Accrued service revenue, $
Requirement:
Prepare adjusting journal entries.
Journalize the closing entries.
Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form.
