Poblano Co. was organized on July 1, 2010. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.
POBLANO CO.
Trial Balance
September 30, 2010
Unadjusted Adjusted
Dr. Cr. Dr. Cr.
Cash $ 8,700 $ 8,700
Accounts Receivable 10,400 11,200
Supplies 1,500 900
Prepaid Rent 2,200 1,300
Equipment 18,000 18,000
Accumulated Depreciation—Equipment $ 500
Notes Payable $ 10,000 10,000
Accounts Payable 2,500 2,500
Salaries Payable 725
Interest Payable 100
Unearned Rent Revenue 1,900 1,050
Rikki Poblano, Capital 22,000 22,000
Rikki Poblano, Drawing 1,600 1,600
Commission Revenue 16,000 16,800
Rent Revenue 1,410 2,260
Salaries Expense 8,000 8,725
Rent Expense 1,900 2,800
Depreciation Expense 500
Supplies Expense 600
Utilities Expense 1,510 1,510
Interest Expense 100
$53,810 $53,810 $55,935 $55,935
Instructions
(a) Journalize the adjusting entries that were made.
(b) Prepare an income statement and an owner’s equity statement for the 3 months endingSeptember 30 and a balance sheet at September 30
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