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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.
Requirements
1. Journalize adjusting journal entries.
2. Enter the trial balance on a worksheet and complete the worksheet of Racer
Internet.
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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