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    Feb 12, 2012, 11:55 PM
    Accounting worksheet?
    ABC Service Center
    TRIAL BALANCE
    October 31,2011





    DEBIT CREDIT

    CASH 609,067
    ACCOUNT RECEIVABLE 121,000
    PREPAID INSURANCE 9,600
    PREPAID RENT 72,000
    OFFICE SUPPLIES 8,600
    OFFICE EQUIPMENT 150,000
    ACCOUNTS PAYABLE 132,600
    NOTES PAYABLE 156,700
    LOANS PAYABLE 350,000
    CAPITAL
    DRAWINGS 6,000
    FEES EARNED 250,000
    SALARY EXPENSE 192,000
    ADVERTISING EXPENSE 8,000
    UTILITIES EXPENSE 40,000
    SUPPLIES EXPENSE 5,500
    INSURANCE EXPENSE 800
    RENT EXPENSE 12,000

    TOTAL



    ADJUSTMENTS:
    1.The company paid insurance premium last MARCH 1,2011.The company closes its book on DECEMBER 31,2011.
    2.The company paid Advance payment of Office Rent last September 1,2011.The company closes its book on December 31,2011.
    3.Supplies on hand at the end of December 31,2011 was 300.
    4.Office equipment purchase last January 1,2011.It was estimated to have a useful life of ten years with estimated salvage value of 30,000.
    5.Advertising placement 3,000 for 3 months was effective on December 1,2011.

    Requirement:
    A.Compute for the Totals of Trial Balance.
    B.Adjust the following Accounts.
    C.Prepare the appropriate Financial statement for December 31,2011
    1.Income statement
    2.Capital statement
    3.Balance Sheet
    D.Closing Entries
    E.Post closing Trial balance

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