Please see the attached problem I am needing help with
Below is an incomplete year-end worksheet which you will have to complete
Make the necessary adjustments, given the information items a through g.
Once the worksheet is completed make the gen. journal closing entries.
Adjusted Trial Balance
Accum. Depreciation, Equip.
Unearned Service revenue
Betty, Jones, Capital
Betty, Jones, Withdrawals
105,315 b and e
A year-end inventory reveals there is now 80 supplies on hand
$520 of revenue has been earned but not yet recorded nor collected.
The office we rent has been in use all 12 months this past year and the monthly rental rate has been 550 per month for many years.
Our current insurance policy will expire after 1 month into next year. Insurance Costs us 125 per month.
800 of the Unearned serv. Rev. account balance has now been earned
At year end we owe our employees $850 in accrued compensation.
The equipment is estimated to last 7 years. All the equipment was bought a few years ago.