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The following trial balance has been extracted from the records of om’s Trucks Inc. at December 31, 2015, its fiscal year-end.
Required:
- Prepare adjusting entries, including general ledger account numbers nd a brief description for each entry, for the following:
- A telephone bill for $60 owing at December 31 has not yet been ecorded.
- $600 of sales on account has not been recorded.
- A physical count indicates that $100 of office supplies is still on and at year-end.
- A physical count indicates that $58,000 of merchandize inventory s on hand at December 31, 2015.
- Prepare a classified income statement and statement of changes in quity for the year ended December 31, 2015, and a classified alance sheet at December 31.
- Prepare all required closing entries. Include general ledger account umbers and a brief description for each entry.
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