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Sommer Graphics Company Was Organized On January 1 2015 by

Sommer Graphics Company was organized on January 1, 2015 by Krystal Sommer. The trial balance at the end of the first 6 months contained various asset, liability, revenue, and expense accounts. Additional information provides details on supplies expense, a note payable, insurance expense, unearned service revenue, unrecorded service revenue, and depreciation expense that need to be adjusted before finalizing the financial statements.

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Amit Pandey
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149 views1 page

Sommer Graphics Company Was Organized On January 1 2015 by

Sommer Graphics Company was organized on January 1, 2015 by Krystal Sommer. The trial balance at the end of the first 6 months contained various asset, liability, revenue, and expense accounts. Additional information provides details on supplies expense, a note payable, insurance expense, unearned service revenue, unrecorded service revenue, and depreciation expense that need to be adjusted before finalizing the financial statements.

Uploaded by

Amit Pandey
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Sommer Graphics Company was organized on January 1

2015 by
Sommer Graphics Company was organized on January 1, 2015, by Krystal Sommer.At the end
of the first 6 months of operations, the trial balance contained the accounts shown
below.Analysis reveals the following additional data.1. The $3,700 balance in Supplies Expense
represents supplies purchased in January. AtJune 30, $1,500 of supplies are on hand.2. The
note payable was issued on February 1. It is a 9%, 6-month note.3. The balance in Insurance
Expense is the premium on a one-year policy, dated March 1,2015.4. Service revenues are
credited to revenue when received. At June 30, services revenue of $1,300 are unearned.5.
Revenue for services performed but unrecorded at June 30 totals $2,000.6. Depreciation is
$2,250 per year.Instructions(a) Journalize the adjusting entries at June 30. (Assume
adjustments are recorded every6 months.)(b) Prepare an adjusted trial balance.(c) Prepare an
income statement and a retained earnings statement for the 6 months ended June 30 and a
balance sheet at June30
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Sommer Graphics Company was organized on January 1 2015 by
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