1M At the end of the first three months of operations, a Company has the...
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At the end of the first three months of operations, a Company has the trial balance that appears below. A Company
Trial Balance
As on March 31, 2020
$ $
Cash 6,964
Accounts Receivable 8,472
Office Supplies 1,806
Prepaid Rent 1,600
Equipment 9,400
Accounts Payable 5,346
Unearned Answering Service Revenue 1,776
Common Stock 11,866
Dividends 4,260
Answering Service Revenue 18,004
Wages Expense 3,800
Office Cleaning Expense 690__________________
36,992 36,992
Upon examining the accounting, the chief accountant finds the following:
- An inventory of office supplies reveals office supplies on hand of $266
- The prepaid rent account includes the rent for the first three months plus a deposit for Aprils rent
- Depreciation on the equipment for the first three months is $416
- The balance of the Unearned Answering Service Revenue account represents a 12-month service contract paid in advance on February 1.
3. Prepare an Adjusted Trial Balance, an Income Statement, a Statement of
Retained Earnings and a Balance Sheet
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