The following is a list of all of the account balances for the Jepson Corporation immediately prior to closing the books on December 31, Year 1:
Required:Prepare an adjusted trial balance dated December 31, Year 1.
What will be an ideal response?
| Jepson Corporation |
| Adjusted Trial Balance |
| December 31, Year 1 |
| ? | Debit | Credit |
| Cash | 12,000 | ? |
| Accounts receivable | 78,000 | ? |
| Supplies | 6,000 | ? |
| Accounts payable | ? | 12,000 |
| Common stock | ? | 60,000 |
| Retained earnings | ? | 20,400 |
| Dividends | 24,000 | ? |
| Service revenue | ? | 144,000 |
| Rent expense | 36,000 | ? |
| Salaries expense | 60,000 | ? |
| Utilities expense | 12,000 | ? |
| Supplies expense | 8,400 | |
| Totals | 236,400 | 236,400 |
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