I would really appreciate any help, Thank You! Consider the unadjusted trial bal
ID: 2534261 • Letter: I
Question
I would really appreciate any help, Thank You!
Consider the unadjusted trial balance of Lady, Inc. at December 31, 2016, and the related month-end adjustment data. (Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of Lady, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Requirement 1. Using the worksheet, prepare the adjusted trial balance of Lady, Inc., at December 31, 2016. 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.Explanation / Answer
Account Names Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 8,400 8,400 Accounts Receivable 1,500 2,980 4,480 Prepaid rent 1,800 600 1200 Office Supplies 2,000 1,660 340 Furniture 72000 72000 Accumulated Depreciation-Furniture 4,000 1200 5,200 Accounts payable 3200 3,200 Salaries Payable 10,800 10,800 Common Stock 7,000 7,000 Retained earning 53840 53840 Dividend 4500 4500 Service revenue 25200 2980 28180 Salary expense 2,500 10,800 13,300 Rent Expense 600 600 Utilities expense 540 540 Depreciation-Furniture 1200 1,200 Supplies Expense 1,660 1,660 Total 93,240 93240 108,220 108,220 STATEMENT OF INCOME Amount $ Service revenue 28,180 Less: Operating expense Salary expense 13300 Rent Expense 600 Utilities expense 540 Depreciation-Furniture 1,200 Supplies Expense 1,660 17,300 Net Income Earned 10,880 STATEMENT OF RETAINED EARNINGS Amount $ Beginning balance of retained earnings 53,840 Add: Net income earned 10,880 Less: Dividend 4,500 Ending Capital 60,220 BALANCE SHEET Amount $ LIABILITIES: ASSETS: Current Liabilities: Current Assets: Accounts payable 3,200 Cash 8,400 Salary payable 10800 Accounts Receivable 4480 Total Current liabilities 14000 Preapid rent 1200 Supplies 340 Stockholder's equity Total Current assets 14,420 Common Stock 7000 Fixed Assets: Reatined earnings 60220 Furniture 72,000 Total Stockholder's equity 67220 Less: Acumulated depreciation 5,200 66,800 TOTAL ASSETS 81,220 TOTAL LIABILITIES 81,220