Before preparing the financial statements, the following adjustments need to be made on Feb 28, 2018
Before preparing the financial statements, the following adjustments need to be made on Feb 28, 2018 Normally we do this for prepaid expenses, unearned revenue, accrued revenue, and accrued expense. In addition, we record depreciation for fixed assets other than land. a) Insurance expired during January and February is $300 ($1,800/12 • 2) b) Supplies on hand on February 28 are $1,280. c) Depreciation of office equipment for January and February is $517 ($12,000+$3,500/60 * 2 months). d) Accrued receptionist salary on Feb 28 is $1000 e) Rent expired during January and February is $1,800. f) Unearned fees on February 28 are $1,500. Prepare Adjusted Trial Balance. Prepare the Financial Statements. Journalize and Posting Closing Entries. Prepare Post-Closing Trial Balance.
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