Johnson Graphics Company was organized on January 1, 2019, by Cameron Johnson. At the end of the first 6 months of operations, the trial balance contained the accounts shown as follows
Analysis reveals the following additional data.
- The $3,700 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,500 of supplies are on had.
- The note payable was issued on February 1. It is a 9%, 6-month note.
- The balance in Insurance Expense is the premium on a one-year policy, dated March 1, 2019.
- Service revenues are credited to revenue when received. At June 30, services revenue of $1,300 are unearned.
- Revenue for services performed but unrecorded at June 30 totals $2,000.
- Depreciation is $2,250 per year.
Instructions
- Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.)
- Prepare an adjusted trial balance.
- Prepare an income statement and an owner’s equity statement for the 6 months ended June 30 and a balance sheet at June 30.
Answer
a.
Johnson Graphics Company
Adjusting Journal
Adjusting Journal
b.
Johnson Graphics Company
Adjusted Trial Balance
June 30, 2019
Adjusted Trial Balance
June 30, 2019
c.
Johnson Graphics Company
Income Statement
For the 6-Months Ended Juner 30, 2019
Income Statement
For the 6-Months Ended Juner 30, 2019
Johnson Graphics Company
Owner's Equity Statement
For the 6-Months Ended June 30, 2019
Owner's Equity Statement
For the 6-Months Ended June 30, 2019
Johnson Graphics Company
Balance Sheet
June 30, 2019
