Acct 220 Week 2 Homework Problems

ACCT 220 Week 2 Homework Problems


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ACCT 220 Week 2 Homework Problem

Review the unadjusted trial balance below and prepare adjusting journal entries to record the various described items
below.   Record in the space provided at the bottom of this spreadsheet.   After completing journal entries, complete the
adjusted trial balance below.   Lastly complete the income statement, balance sheet and statement of retained earnings.
The balance sheet must balance.   The accounting equation is Assets = Liabilities + Equity.


Baltimore Corporation
Unadjusted Trial Balance
January 31, 2016

Debits Credits
Cash $           37,500 $                     –
Accounts receivable             12,410                       –
Prepaid insurance               2,400                       –
Supplies inventory               7,113                       –
Equipment             35,000                       –
Accumulated depreciation                       –               10,000
Accounts payable                       –                 7,569
Salaries payable                       –                       –
Interest payable                       –                       –
Unearned revenue                       –                 8,500
Loan payable                       –               11,500
Capital stock                       –               25,000
Retained earnings, Jan. 1                       –               15,457
Revenues                       –...