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Question 2: Below is the Trial Balance for Frost Company: Adjustment Data: ...

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Accounting

Question 2: Below is the Trial Balance for Frost Company:

image

Adjustment Data:

  1. Insurance expired, $3
  2. Plumbing supplies on hand, $1
  3. Depreciation Expense, Plumbing Equipment, $1
  4. Salaries owed but not paid to employees, $2

From the following trial balance and additional data, complete (1) a worksheet(5 marks) (2) the three financial statements (3 marks), and (3) the adjusting journal entries (2 marks). Numbers are intentionally small so you can concentrate on the theory.

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