19 Jan Refer to Problem 4-5A. Before completing the steps
Refer to Problem 4-5A. Before completing the steps, complete the end-of-period spread-sheet (work sheet) using the adjustment data. Complete the remaining steps. In problem The ledger and trial balance of Mechanical Services Co. as at December 31, 2015, the end of the first month of its current fiscal year, are presented in the working papers. Data needed to determine the necessary adjusting entries are as follows: a. Service revenue accrued at December 31 is $3,000. b. Supplies on hand at December 31 are $1,475. c. Insurance premiums expired during December are $1,200. d. The building has a cost of $312,000 and its life is estimated at 20 years. e. Equipment of $150,000 has a useful life of 10 years. f. Unearned rent at December 31 is $1,700. g. Wages accrued but not paid at December 31 are $500. Instructions 1. Journalize and post the adjusting entries, inserting balances in the accounts affected. 2. Prepare an adjusted trial balance. 3. Prepare an income statement, a statement of owner’s equity, and a balance sheet as at December 31, 2015. 4. Journalize and post the closing entries. Indicate closed accounts by inserting a line in the balance column opposite the closing entry. Insert the new balance of the capital account. 5. Prepare a post-closing trial balance.
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