Homework: chp 4 homework HV Score: 0 of 1 pt T14-5 (book/static) 21. The steps of the accounting cycle are presented below. ldentify the correct order of the steps 4 of 20 (3 complete) (Click the icon to view the steps.) Order Description More Info 1. (b.) Start with th 2. 3.(f.) Enter the un 4.(d.) Compute th 5. 6. 7. 8. 9. 10 Journalize and post the closing entries Start with beginning account balances Prepare the financial statements Compute the unadjusted balance in each account, and prepare the unadjusted trial balance Journalize and post adjusting entries Enter the unadjusted trial balance on the worksheet, and complete the worksheet (optional) a. b. c. d. e. f. g. Prepare the adjusted trial balance h. Analyze and journalize transactions as they occur i. Post journal entries to the accounts . Prepare the post-closing trial balance Choose from any drop-d PrintDone All parts showing
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PLEASE answer number 2 (worksheet) I am really struggling with it.
Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. There is also an Excel Template for this problem that you may download and use (or you may use your own).
Walton Anvils | ||
Unadjusted Trial Balance | ||
December 31, 2016 | ||
Balance | ||
Account Title | Debt | Credit |
Cash | $ 16,900.00 | |
Accounts Receivable | 17,500 | |
Prepaid Rent | 2,500 | |
Office Supplies | 1,900 | |
Equipment | 23,000 | |
Accumulated Depreciation - Equipment | $ 7,000.00 | |
Accounts Payable | 6,200.00 | |
Salaries Payable | ||
Unearned Revenue | 5,600.00 | |
Common Stock | 28,000.00 | |
Retained Earnings | 1,600.00 | |
Dividends | 4,500 | |
Service Revenue | 20,800.00 | |
Salaries Expense | 2,900 | |
Rent Expense | ||
Depreciation Expense - Equipment | ||
Supplies Expense | ||
Total | $ 69,200.00 | $ 69,200.00 |
Adjustment Data
a. Unearned revenue still unearned at December 31, 2016 | $1,800 |
b. Prepaid rent still in force at December 31, 2016 | $2,300 |
c. Office supplies used | $1,400 |
d. Depreciation | $380 |
e. Accrued Salaries Expense at December 31, 2016 | $210 |
Requirements
1.Open T-accounts using the balances in the unadjusted trial balance.
2.Complete the worksheet for the year ended December 31, 2016.
3.Prepare the adjusting entries and post to the T-accounts.
4.Prepare the adjusted trial balance.
5.Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
6.Prepare the closing entries and post to the T-accounts.
7.Prepare a post-closing trial balance.
8.Calculate the current ratio for the company.