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The unadjusted trial balance of

FarrellFarrell

Investment Advisers at

DecemberDecember

3131 ,

20182018 ,

follows:

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(Click the icon to view the unadjusted trial balance.) Adjustment data at

DecemberDecember

3131 ,

20182018 :

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(Click the icon to view the adjustments.)

Requirements

1.	Prepare a worksheet for FarrellFarrell Investment Advisers at DecemberDecember 3131 , 20182018.
2.	Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format.
3.	Prepare closing entries.

Requirement 1. Prepare a worksheet for

FarrellFarrell

Investment Advisers at

DecemberDecember

3131 ,

20182018.

The unadjusted balances have been entered for you in the trial balance columns of a worksheet. Complete the worksheet one section at a time beginning with the Adjustments section. Enter the adjustments along with the adjustment letter

referenceslong dash (a),

(b), (c),

etc.long dashinto

the columns as appropriate. In the following step, complete the Adjusted Trial Balance. Lastly, complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. (Abbreviations used: Depr. = depreciation, Exp. = expense, l/t = long term, Pay. = payable, Rec. = receivable, Stk. = stock, and Supp. = supplies.)

Farrell Investment Advisers

Worksheet

December 31, 2018

	Unadjusted
	Trial Balance		Adjustments
Account Title	Debit	Credit		Debit		Credit
Cash	26,000
Accounts Rec.	49,000
Office Supp.	3,000
Equipment	26,000
Accum. Depr.		17,000
Accounts Pay.		12,000
Salaries Pay.
Unearn. Rev.		1,000
Note Pay. (l/t)		18,000
Common Stk		23,000
Ret. Earnings		13,500
Dividends	33,000
Service Rev.		99,000
Ins. Exp.	3,000
Salaries Exp.	34,000
Supplies Exp.
Interest Exp.	3,500
Rent Exp.	6,000
Depr. Exp.
Total	183,500	183,500
Net income or loss

Choose from any list or enter any number in the input fields and then click Check Answer.

Farrell Investment Advisers,,, Unadjusted Trial Balance,,, "December 31, 2018",,, ,Balance,, Account Title,Debit,Credit, Cash,"$26,000",, Accounts Receivable,"49,000",, Office Supplies,"3,000",, Equipment,"26,000",, Accumulated DepreciationEquipment,,"$17,000", Accounts Payable,,"12,000", Salaries Payable,,, Unearned Revenue,,"1,000", Notes Payable (long-term),,"18,000", Common Stock,,"23,000", Retained Earnings,,"13,500", Dividends,"33,000",, Service Revenue,,"99,000", Insurance Expense,"3,000",, Salaries Expense,"34,000",, Supplies Expense,,, Interest Expense,"3,500",, Rent Expense,"6,000",, Unearned Revenue earned during the?year, $ 900$900. b. Office Supplies on? hand, $ 1 comma 500$1,500. c. Depreciation for the? year, $ 4 comma 000$4,000. d. Accrued Salaries? Expense, $ 3 comma 000$3,000. e. Accrued Service? Revenue, $ 2 comma 000$2,000. PrintDone Depreciation ExpenseEquipment,,, Total,"$183,500","$183,500",

Answer & Explanation Solved by verified expert

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