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The trial balance of Road Runner Internet

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P4-33B Completing the accounting cycle [120-150 min]

The trial balance of Road Runner Internet at July 31, 2012, follows:

Trial Balance
October 31, 2012

Cash $4,200
Accounts receivable 14,600
Prepaid rent 2,000

so on...

Adjustment data:

a. Unearned service revenue still unearned at October 31, $1,200.
b. Prepaid rent still in force at October 31, $2,500.
c. Supplies used during the month, $1,000.
d. Depreciation for the month, $300.
e. Accrued salary expense at October 31, $200.

1. Prepare adjusting journal entries.

2. Enter the trial balance on a worksheet and complete the worksheet through the
Adjusted Trial Balance of Wolfe Anvils for the month ended October 31, 2012.

3. Prepare the income statement, the statement of owner’s equity, and the classified balance 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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