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The following unadjusted account balances and adjustment data are for Nugent Company as of December 31, 2010:
Cash $12,900
Prepaid insurance 2,000
Office supplies 1,300
Office equipment 10,500
Accumulated amortization-office equipment 3,500
Accounts payable 2,900
Salary payable 0
Unearned service revenue 4,500
Neela Nugent, Capital 11,750
Neela Nugent, Withdrawals 5,600
Service revenue 13,350
Salary expense 3,700
Amortization expense-office equipment 0
Supplies expense 0
Insurance expense 0
Adjustment data:
Office supplies on hand December 31, 2010, $250
Prepaid insurance expired during 2010, $325
Unearned service revenue, December 31, 2010, $2,500
Amortization on equipment for 2010, $1,800
Accrued salaries, $900
A) Fill in the (i) Trial Balance (Debit and Credit), (ii) Adjustments (Debit and Credit), and (iii) Adjusted Trial Balance (Debit and Credit) columns on the following table on page 5 for the information provided above for Problem 6.
B) Prepare, either below after the table on page 5 of this document or separately on another MSWord or WordPerfect file, each of the following financial statements for the information provided previously in this problem:
(i) Income Statement,
(ii) Statement of Owner’s Equity
(iii) Balance Sheet.
Nugent Company
Preparation of Adjusted Trial Balance
December 31, 2010
Account (i) Trial Balance (ii) Adjustments (iii) Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash
Prepaid Insurance
Office Supplies
Office Equipment
Accumulated Amortization-Office Equipment
Accounts Payable
Salary Payable
Unearned Service Revenue
Neela Nugent, Capital
Neela Nugent, Withdrawals
Service Revenue
Salary Expense
Amortization Expense-Office Equipment
Supplies Expense
Insurance Expense
Total
Cash $12,900
Prepaid insurance 2,000
Office supplies 1,300
Office equipment 10,500
Accumulated amortization-office equipment 3,500
Accounts payable 2,900
Salary payable 0
Unearned service revenue 4,500
Neela Nugent, Capital 11,750
Neela Nugent, Withdrawals 5,600
Service revenue 13,350
Salary expense 3,700
Amortization expense-office equipment 0
Supplies expense 0
Insurance expense 0
Adjustment data:
Office supplies on hand December 31, 2010, $250
Prepaid insurance expired during 2010, $325
Unearned service revenue, December 31, 2010, $2,500
Amortization on equipment for 2010, $1,800
Accrued salaries, $900
A) Fill in the (i) Trial Balance (Debit and Credit), (ii) Adjustments (Debit and Credit), and (iii) Adjusted Trial Balance (Debit and Credit) columns on the following table on page 5 for the information provided above for Problem 6.
B) Prepare, either below after the table on page 5 of this document or separately on another MSWord or WordPerfect file, each of the following financial statements for the information provided previously in this problem:
(i) Income Statement,
(ii) Statement of Owner’s Equity
(iii) Balance Sheet.
Nugent Company
Preparation of Adjusted Trial Balance
December 31, 2010
Account (i) Trial Balance (ii) Adjustments (iii) Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash
Prepaid Insurance
Office Supplies
Office Equipment
Accumulated Amortization-Office Equipment
Accounts Payable
Salary Payable
Unearned Service Revenue
Neela Nugent, Capital
Neela Nugent, Withdrawals
Service Revenue
Salary Expense
Amortization Expense-Office Equipment
Supplies Expense
Insurance Expense
Total
