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The adjusted trial balance for Turnquist Company is shown below.
TURNQUIST COMPANY
Trial Balance
August 31, 2017
Before
Adjustment
After
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash $10,000 $10,000
Accounts Receivable 8,500 9,500
Supplies 2,300 500
Prepaid Insurance 3,700 2,500
Equipment 12,000 12,000
Accumulated Depreciation-Equipment $ 3,400 $ 4,300
Accounts Payable 5,700 5,700
Salaries and Wages Payable 0 1,000
Unearned Rent Revenue 1,300 600
Owners Capital 13,100 13,100
Service Revenue 33,800 34,800
Rent Revenue 10,800 11,500
Salaries and Wages Expense 16,800 17,800
Supplies Expense 0 1,800
Rent Expense 14,800 14,800
Insurance Expense 0 1,200
Depreciation Expense 0 900
$68,100 $68,100 $71,000 $71,000
Prepare the income statement for the year.
TURNQUIST COMPANY
Income Statement
$
$
$
SHOW LIST OF ACCOUNTS
Prepare the owners equity statement for the year.
TURNQUIST COMPANY
Owners Equity Statement
$
:
$
SHOW LIST OF ACCOUNTS
Prepare the balance sheet at August 31. (List Assets in order of liquidity.)
TURNQUIST COMPANY
Balance Sheet
Assets
$
$
:
$
Liabilities and Owners Equity
$
$
Answer & Explanation
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