Delta Services Inc.Scenario: Adjusted Trial Balance and Financial StatementsTrial Balance Data:Cash: $40,000Accounts Receivable: $25,000Supplies: $5,000Accounts Payable:...
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Accounting
Delta Services Inc.
Scenario: Adjusted Trial Balance and Financial Statements
Trial Balance Data:
- Cash: $40,000
- Accounts Receivable: $25,000
- Supplies: $5,000
- Accounts Payable: $10,000
- Capital: $60,000
Adjustments:
- Supplies expense: $2,000 (used)
- Depreciation expense: $5,000
Requirements:
- Prepare the adjusted trial balance.
- Prepare the income statement and balance sheet based on the adjusted trial balance.
- Discuss the impact of adjustments on the financial statements.
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