Question

unadjusted balance , retained earnings, income statements

Save ation 17 Dusty Diamond Star Services is preparing to close its books on 31 December. Before the books can be closed, there are a few missing journal entries that need to be posted to the Jnadjusted Trial Balance, given below. REQUIRED: Prepare the three journal entries in good form you may omit explanations). If needed, you may add accounts to the unadjusted trial balance. Use account titles that we mave seen in the homework and in the textbook Prepare an income statement and a retained earnings statement, both in good form. The income statement can be in the single-step format (it does not have to be in the multi-step ormat). the following entries are missing for the month of December Depreciation expense of $200 is recorded monthly Office Supplies of $1.200 were on hand at 31 December Dusty Diamond Star Services provided $1,500 in services in December to a customer who had paid in advance Dusty Diamond Star Services Unadjusted Trial Balance 31 December Account Debit Credit 2.150 ccounts Receivable 3.000 repaid Rent 12.500 repaid insurance 12.00 ffice Supplies 7.50 Quipment 22.800 ccumulated Depreciation 3.200 nearned Fees 2.600 counts Payable 2.710 mon Stock 24,000 stained Farings 1 JAN Balance 11,300 Vidonds Paid 900 es Earned 35,680 ages Expense 11,000 Expense 000 applies expense ites expense 3,420 preciation Expense 2,200 79.490 79.490 TTT Paragraph : Aria # 3 (12p • E- LE

Answer 1

Account Titles	Debit	Credit
Depreciation Expense	$                200
Accumulated Depreciation		$               200
Supplies Expense	$            6,050
Office Supplies		$            6,050
Unearned Fees	$            1,500
Fees Earned		$            1,500

Income Statement
Revenue
Fees Earned	$          37,180
Expenses
Wages Expense	$          11,000
Rent Expense	$                600
Supplies Expense	$            6,050
Utilities Expense	$            3,420
Depreciation Expense	$            2,400
Total Expenses	$          23,470
Net Income	$          13,710

Statement of Retained Earnings
Beginning Balance	$          11,300
Add Net Income	$          13,710
	$          25,010
Less Dividends	$                900
Ending Balance	$          24,110

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