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The trial balance of Racer Internet

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P4-27A Completing the accounting cycle [120-150 min]

The trial balance of Racer Internet at March 31, 2012, follows:

so on ...

Adjusting data at March 31, 2012:

a. Unearned service revenue still unearned, $500.

b. Prepaid rent still in force, $2,000.

c. Supplies used during the month, $800.

d. Depreciation for the month, $400.

e. Accrued salary expense, $600.


1. Journalize adjusting journal entries.

2. Enter the trial balance on a worksheet and complete the worksheet of Racer

3. Prepare the income statement, statement of owner’s equity, and classified bal- ance sheet in report form.

4. Using the worksheet data that you prepared, journalize the closing entries, and post the adjusting and closing entries to T-accounts. Use dates and show the end- ing balance of each account.

5. Prepare a post-closing trial balance.

6. Calculate the current and debt ratios for the company.

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