Chapter 4, Problem P4.31APGA

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Account Title	Debit	Credit
Cash	J. 16,i/0
Accounts Receivable	16.500
Prepaid Rent	2.530
Office Supplies	1.800
Equipment	29.000
Accumulated Depreciation- Equipment		$ 10,000
Accounts Payable		6.600
Salaries Payable
Unearned Revenue		7,200
Williamson, Capital		28,000
Williamson. Withdrawals	3,500
Service Revenue		20,500
Salaries Expense	2.600

Rent Expense

Depreciation Expense-Equipment

Supplies Expense

Total S 72,300 S 72,300

Adjustment data:

1. Unearned Revenue still unearned at December 31, $3,300.
2. Prepaid Rent still in force at December 31, $2,400.
3. Office Supplies used, $1,200.
4. Depreciation, $350.
5. Accrued Salaries Expense at December 31, $230.

Requirements

1. Open the T-accounts using the balances in the unadjusted trial balance.
2. Complete the worksheet for the year ended December 31,2016. (optional)
3. Prepare the adjusting entries, and post to the accounts.
4. Prepare an adjusted trial balance.
5. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. Assume that there were no contribution.', made by the owner during the year.
6. Prepare the closing entries, and post to the accounts.
7. Prepare a post-closing trial balance.
8. Calculate the current ratio for the company.