18 Mar Omer Asik began operations as a private investigat
Omer Asik began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Omer Asik, P.I. at March 31 are as follows. OMER ASIK, P.I. Worksheet For the Quarter Ended March 31, 2012 Trial Balance Account Titles Dr. Cr. Cash 11,400 Accounts Receivable 5,620 Supplies 1,050 Prepaid Insurance 2,400 Equipment 30,000 Notes Payable 10,000 Accounts Payable 12,350 Owner’s Capital 20,000 Owner’s Drawings 600 Service Revenue 13,620 Salaries and Wages Expense 2,200 Travel Expense 1,300 Rent Expense 1,200 Miscellaneous Expense 200 55,970 55,970Other data:1. Supplies on hand total $480.2. Depreciation is $800 per quarter.3. Interest accrued on 6-month note payable, issued January 1, $300.4. Insurance expires at the rate of $200 per month.5. Services provided but unbilled at March 31 total $1,030.Instructions(a) Enter the trial balance on a worksheet and complete the worksheet.(b) Prepare an income statement and owner’s equity statement for the quarter and a classified balance sheet at March 31. O. Asik did not make any additional investments in the business during the quarter ended March 31, 2012.(c) Journalize the adjusting entries from the adjustments columns of the worksheet.(d) Journalize the closing entries from the financial statement columns of the worksheet.
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