Question

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A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date.

2(b) Prepare JKL Company’s the balance sheet as of July 31, 2017.

 

Unadjusted

Trial Balance

 

Adjusted

Trial Balance

Cash

$

85,610

 

 

 

$

85,610

 

 

Accounts receivable

 

15,000

 

 

 

 

21,000

 

 

Office supplies

 

16,600

 

 

 

 

8,000

 

 

Prepaid insurance

 

7,240

 

 

 

 

3,360

 

 

Office equipment

 

91,000

 

 

 

 

91,000

 

 

Accum. Depreciation—Office equip.

 

 

$

25,000

 

 

 

$

36,000

Accounts payable

 

 

 

8,100

 

 

 

 

18,000

Interest payable

 

 

 

0

 

 

 

 

2,500

Salaries payable

 

 

 

0

 

 

 

 

13,000

Unearned consulting fees

 

 

 

20,000

 

 

 

 

16,000

Long-term notes payable

 

 

 

56,000

 

 

 

 

56,000

J. Logan, Capital

 

 

 

46,000

 

 

 

 

46,000

J. Logan, Withdrawals

 

9,000

 

 

 

 

9,000

 

 

Consulting fees earned

 

 

 

165,000

 

 

 

 

175,000

Depreciation expense—Office equip.

 

0

 

 

 

 

11,000

 

 

Salaries expense

 

67,320

 

 

 

 

80,320

 

 

Interest expense

 

1,210

 

 

 

 

3,710

 

 

Insurance expense

 

0

 

 

 

 

3,880

 

 

Rent expense

 

14,780

 

 

 

 

14,780

 

 

Office supplies expense

 

0

 

 

 

 

8,600

 

 

Advertising expense

 

12,340

 

 

 

 

22,240

 

 

Totals

$

320,100

$

320,100

 

$

362,500

$

362,500

 

                   

 



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