Report Assessment: Givens Graphics Company was organized on January 1, 2010, by Sue Givens. At the end of the first 6 months of operations, the trial balance: Cash $ 9,500; Accounts Receivable 14,000; Equipment 45,000; Insurance Expense 1,800; Salaries Expense 30,000; Supplies Expense 3,700; Advertising Expense 1,900; Rent Expense 1,500; Utilities Expense 1,700; Notes Payable $ 20,000; Accounts Payable 9,000; Sue Givens, Capital 22,000; Graphic Revenue 52,100; Consulting Revenue 6,000. Analysis reveals the following additional data. 1. The $3,700 balance in Supplies Expense represents supplies purchased in January. At June 30, S1,300 of supplies was on hand. 2. The note payable was issued on February 1. It is a 9%, 6-month note. 3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1,2010. 4. Consulting fees are credited to revenue when received. At June 30, consulting fees of $1,500 are unearned. 5. Graphic revenue earned but unrecorded at June 30 totals $2,000. 6. Depreciation is S2,000 per year. Instructions (a) Journalize the adustino entries at une 30. 5. Graphic revenue earned but unrecorded at June 30 totals $2,000. 6. Depreciation is $2,000 per year. Instructions (a) Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) (b) Prepare an adjusted trial balance. (c) Prepare an income statement and owner's equity statement for the 6 months ended June 30 and a balance sheet at June 30. Case Study Assement: PIONEER ADVERTISING was organized in 2010.The company prepares financial statements. The adjusted trial balance amounts at Dec.31 2010 are shown below. Cash S15,200 Accounts receivable 200 Supplies 1,000 Prepaid insurance 550 Equipment $5,000 Accumulated depreciation equipment 40 Notes payable $5,000 Accounts payable 2,500
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Business, 22.06.2019 17:40
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Report Assessment: Givens Graphics Company was organized on January 1, 2010, by Sue Givens. At the e...
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