ACC 205 Week 2 P4 25A Fugazy Investments
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ACC 205 Week 2 P4-25A Fugazy Investments
P4-25A - Fugazy Investment Advisers
P4-25A Preparing a worksheet, financial statements, and closing entries [50-60 min]
The trial balance of Fugazy Investment Advisers at December 31, 2012, follows:
Adjustment data at December 31, 2012:
a. Unearned service revenue earned during the year, $500.
b. Supplies on hand, $1,000.
c. Depreciation for the year, $6,000.
d. Accrued salary expense, $1,000.
e. Accrued service revenue, $4,000.
Requirements
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Enter the account data in the Trial Balance columns of a worksheet, and complete the worksheet through the Adjusted Trial Balance. Key each adjusting entry by the letter corresponding to the data given. Leave a blank line under Service revenue.
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Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format.
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Prepare closing journal entries from the worksheet.
- Did the company have a good or a bad year during 2012? Give the reason for your answer. (Challenge)