Bob’s Flowers for 2010

Bob’s Flowers for 2010

Using the following trial balance information for Bob’s Flowers for 2010, prepare an adjusted trial balance, adjusting and closing journal entries, and (in good form) an Income Statement, Statement of Retained Earnings and Balance Sheet.

a. Expired insurance totals $8.
b. Of the unearned revenue, all has been earned by the balance sheet date.
c. Estimated depreciation of equipment is $6.
d. Accrued wages equal $4.
e. Unused supplies on hand are $4.
f. Estimated income taxes are $2.

Account Name
Trial Balance
Cash                                                                30        debit
Account Receivable                                        20        debit
Prepaid Insurance                                           12        debit
Supplies                                                           10        debit
Equipment                                                       40        debit
Accumulated Depreciation, Equipment-                    6          credit
Account Payable                                             12        credit
Unearned Revenue                                         8          credit
Common Stock                                                           64        credit
Dividends                                                       2          debit
Service Revenue                                             48        credit
Wages Expense                                                           24        debit