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Based on the following adjusted account balances, prepare a statement of owner

Based on the following adjusted account balances, prepare a statement of owner's equity for the MacMahan Services for the year ended December 31, 2010.

 

Service revenue$10,300

Advertising expense1,100

Salary expense6,800

Mandy MacMahan, Capital, Jan. 1, 20105,150

Insurance expense900

Supplies expense1,350

Mandy MacMahan, Withdrawals3,200

 

152) Lawson Delivery initially records all prepaid expenses as expenses and all unearned revenues as revenues. Given the following information, prepare the necessary adjusting entries at year end, December 31, 2010.

a) On January 3, 2010, $3,500 of supplies were purchased. A count revealed $700 still on hand at December 31, 2010.

b) On January 4, 2010, a $21,000 payment was made to an insurance agency for two and a half year's of insurance.

c) On June 30, 2010, received nine months rent in advance from a tenant, $8,100.

d) On August 1, 2010, received six months rent in advance from a tenant, $4,800.

 

153) Clayton Consulting initially records all prepaid expenses as expenses and all unearned revenues as revenues. Given the following information, prepare the necessary adjusting entries at year end, December 31, 2010.

a) On January 3, 2010, $500 of supplies were purchased. A count revealed $100 still on hand at December 31, 2010.

b) On January 4, 2010, a $10,500 payment was made to an insurance agency for two and a half year's of insurance.

c) On October 30, 2010, received four months rent in advance from a tenant, $8,000.

d) On August 1, 2010, received six months rent in advance from a tenant, $2,400.

Dec 16 2019 View more View Less

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