Sommer Graphics Company was organized on January 1, 20
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Sommer Graphics Company was organized on January 1, 2019, by Krystal Sommer. At the end of the first 6 months of opera
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Sommer Graphics Company was organized on January 1, 2019, by Krystal Sommer. At the end of the first 6 months of operations, the trial balance contained the accounts shown below. Analysis reveals the following additional data. 1. The $3,700 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,500 of supplies are on hand. 2. The note payable was issued on February 1. It is a 9%, 6-month note. 3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1, 2019. 4. Service revenues are credited to revenue when received. At June 30, services revenue of $1,300 are unearned. 5. Revenue for services performed but unrecorded at June 30 totals $2,000. 6. Depreciation is $2,250 per year. Instructions (a) Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) (b) Prepare an adjusted trial balance. (c) Prepare an income statement and a retained earnings statement for the 6 months ended June 30 and a balance sheet at June 30.
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