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At the end of its first quarter of operations, Margaret Floral Way has the following unadjusted trial balance.

Insurance balance is for two years, calculate the amount that expires for the quarter.

$600 of supplies are on hand at February 29, 2016.

Monthly depreciation on the equipment is $1900.

Interest of $800 on the notes payable has accrued during February.

INSTRUCCIONES:

Jornalize y post the adjusting entries.

Prepare the adjusted trial balance.

Prepare the income statement, the statement of owners equity (Value 23) and a classified balance sheet

Jornalize and post the closing entries

Prepare a post-closing trial balance.

At the end of its first quarter of operations, Margaret Floral Way has the following unadjusted trial balance. Margaret Floral Way Cr. Trial Balance February 29, 2016 Dr. cash $ 5,400 Account receivable 2,800 supplies 1,300 prepaid insurance 2,400 equipment 60,000 notes payable accounts payable owner's capital owner's drawing 1,000 service revenue salaries and wages expense 3,200 utilities expense 800 advertising expense 400 total $ 77.300 $ 40,000 2,400 30,000 4,900 77.300 1. Insurance balance is for two years, calculate the amount that expires for the quarter. 2. $600 of supplies are on hand at February 29, 2016. 3. Monthly depreciation on the equipment is $1900. 4. Interest of $800 on the notes payable has accrued during February. INSTRUCCIONES: a) Lornalize y post the adjusting entries. b) Prepare the adjusted trial balance. c) Prepare the income statement the statement of owner's equity (Value 23) and a classified balance sheet d) Lornalize and post the closing entries e) Prepare a post-closing trial balance

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