50.1K

Verified Solution

Link Copied!

I need some help solving this homework problem please

Adjustment data at December 31 2023 a. Accrued service revenue at December 31. 53.420 b. Prepaid rent expired during the month The unadjusted prepaid balance of $3,300 relates to the period December 1, 2023 through February 28, 2024 c. Supplies used during December, $1,500 d. Depreciation on furniture for the month. The estimated useful life of the furniture is five years. e. Accrued salary expense at December 31 for Monday Tuesday and Wednesday The five-day weekly payroll of $23.000 will be paid on Friday For the purpose of this calculation, assume December 31 falls on a Wednesday Requirement 1. Using the worksheet prepare the adjusted trial balance of Spateness, Inc, at December 31, 2023 The unadjusted balances have been entered for you. Key each adjusting entry by letter, Calculate the total debits and credits. Then calculate the adjusted balance of each account and total the debit and credit columns in the adjusted trial balance. Spateness, Inc. Trial Balance Work Sheet December 31, 2023 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Cash 9.000 Accounts receivable Prepaid rent Supplies F Account Debit Credit 1200 3300 1,300 resi 12 3.100 3200 10.000 32.780 3,600 Accumulated depreciation-furniture Accounts payable Salary payable Common stock Retained earnings Dividends Service revenue Salary expense Rent expense Uses experte Depreciation expense-furniture Supplies expense Total 24 300 3,000 480 73,300 73,380 resi 12 ta Requirement 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet Begin by preparing the income statement. Of an input field is not used in the statement leave the field emply do not select a label or enter a zero) Review the adjusted trial balance completed in Requirement 1 Spateness, Inc. Income Statement Month Ended December 31, 2023 Now prepare the statement of retained earnings (include a subtotalter the 'Add Ine of the statement Review the dusted trial balance completed in Requirement1 Spateness, Inc Statement of Retained Earnings Month Ended December 31, 2023 Add o prepare the balance sheet of an input Geld is not used in the statement leave them, do not sta label or wrazo) Review the balance completed in Rocament Spateness, Inc Galance Sheet December 31, 2023 ment Spateness, Inc Statement of Retained Earings Month Ended December 31, 2023 Add Subtotal Less Finally prepare the balance sheet (of an input field is not used in the statement leave the field emply do not select a label or enter a zero) Review the adjusted trial balance completed in Requirement1 Spateness, Inc Balance Sheet December 31, 2023 Assets Llabilities Stockholders' Equity ER Type here to e O

Answer & Explanation Solved by verified expert

See Answer