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6 Feb
2020

TURNQUIST COMPANY AssignmentTutorOnline | Good Grade Guarantee!

Question
AssignmentTutorOnline
The adjusted trial balance for Turnquist Company is shown below.
TURNQUIST COMPANY
Trial Balance
August 31, 2017
Before
Adjustment
After
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash $10,300 $10,300
Accounts Receivable 9,000 10,000
Supplies 2,500 700
Prepaid Insurance 3,700 2,700
Equipment 13,500 13,500
Accumulated Depreciation-Equipment $ 3,800 $ 4,400
Accounts Payable 5,900 5,900
Salaries and Wages Payable 0 1,500
Unearned Rent Revenue 1,300 700
Owner’s Capital 15,200 15,200
Service Revenue 33,900 34,900
Rent Revenue 10,800 11,400
Salaries and Wages Expense 17,100 18,600
Supplies Expense 0 1,800
Rent Expense 14,800 14,800
Insurance Expense 0 1,000
Depreciation Expense 0 600
$70,900 $70,900 $74,000 $74,000
Prepare the income statement for the year.
TURNQUIST COMPANY
Income Statement
$
$
$
SHOW LIST OF ACCOUNTS
Prepare the owner’s equity statement for the year.
TURNQUIST COMPANY
Owner’s Equity Statement
$
:
$
SHOW LIST OF ACCOUNTS
Prepare the balance sheet at August 31. (List Assets in order of liquidity.)
TURNQUIST COMPANY
Balance Sheet
Assets
$
$
:
$
Liabilities and Owner’s Equity

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