The unadjusted trial balance of Wolfe Anvils at Dec. 31, 2014, and the data for the adjustment follow:
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Adjustment Data:
1. Unearned Revenue still unearned at Dec. 31 , $1,200
2. Prepaid Rent still in force at Dec. 31, $2,500.
3. Office Supplies used, $1,000.
4. Depreciation, $300
5. Accrued Salaries Expense at Dec. 31, $200.
Required:
a. Open the T-accounts using the balances in the unadjusted trial balance.
b. Prepare the adjusting entries and post to the accounts
c. Prepare an adjusted trial balance
d. Complete the worksheet for the year ended Dec. 31, 2014
e. Prepare the income statement, the statement of retained earnings and the classified balance sheet in report form.
f. Prepare the closing entries and post to the accounts
g. Prepare a post-closing trial balance
h. Calculate the current ratio for the company
