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Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries The unadjusted trial balance for...

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Accounting

Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries
The unadjusted trial balance for Brown Inc. follows.
Additional information for accounting adjustments
A year-end count revealed $2,000 of supplies still available.
Annual depreciation expense on the equipment is $1,000.
Unpaid and unrecorded salaries is $2,000 at year-end
The note payable calls for annual interest of 8%, payable each September 30. The principal amount of the note is not due for several years.
Adjusting Journal Entries Adjusted Trial Balance
Closing Journal Entries
c. Prepare the income statement for the year and the balance sheet at year-end.
Note: Do not use negative signs with your answers.
-Note: Use negative signs only in the 'Assets' section of the balance sheet for contra asset accounts.
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