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Before closing entries at 12/31/2019, Trisco prepared the following adjusted trial balance (hint: accounts have not...

  1. Before closing entries at 12/31/2019, Trisco prepared the following adjusted trial balance (hint: accounts have not been classified, yet):

Debit                Credit

- Cash                                                    3,000

- Rent expense                                     49,000

- Income taxes expense                        2,000

- Supplies expense                               23,000

- Salaries expense                              147,000

- Accounts receivable                           44,000

- Depreciation expense                        9,000

- Wages expense                                 42,000

- Prepaid insurance expense                   2,000

- Equipment                                        75,000

- Investments                                       20,000

- Interest expense                                 3,000

- Supplies inventory                              5,000

- Retained earnings                                                      2,000

- Unearned rent revenue                                              22,000

- Notes payable (due in 2021)                                     20,000

- Wages payable                                                           9,000

- Accounts payable                                                      15,000

- Contributed capital                                                    60,000

- Equipment accumulate depreciation                          18,000

- Design service revenue                                            278,000

                                                            424,000         424,000

Trisco has paid dividends during the year for $ 500. Retained earnings was $ 2,500 at 01/01/2018.

Required: Prepare a classified income statement, a statement of retained earnings and a classified balance sheet for 2018.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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