Reference no: EM131699754

Project - The unadjusted Trial Balance of LMN Services, at December 31, 2016. Follows:

LMN Services Trail Balance December 31, 2016
Account Title	Balance
	Dr	Cr
Cash	$8,000
Accounts Receivable	6,900
Office Supplies	370
Furniture	10,000
Accumulated Depreciation-Furniture		$7,000
Building	40,000
Accumulated Depreciation-Building		25,000
Land	13,000
Accounts Payable		1,800
Salaries Payable		500
Unearned Revenue		5,500
Notes Payable (Long-Term)		9,000
Common Stock		14,000
Retained Earnings		0
Dividends	25,000
Service Revenue		63,900
Salaries Expense	16,500
Supplies Expense	730
Depreciation Expense-Furniture	2,500
Depreciation Expense-Building	1,200
Advertising Expense	2,500
Utilities Expense
Total	$126,700	$126,700

Additional Information:

a. Services performed but not billed, $550.

b. $1000 of the Unearned Revenue has been earned by year-end.

c. Received December electricity bill, $350. This bill will be paid in January 2017.

d. Supply-room report shows only $250 worth of Supplies are available.

Requirements:

1. (a) Journalize adjusted entries, and (b) post the adjustments to their respective accounts (T accounts).

2. Prepare the Adjusted Trial Balance at December 31, 2016.

3. Prepare the Income Statement for the year ended December 31, 2016.

4. Prepare the Retained Earnings Statement for the year ended December 31, 2016.

Assume there were no additional investment during the year in the co.

5. Prepare the Balance Sheet as of December 31, 2016.

6. (a) Journalize and (b) post the closing entries. Indicate the balance of the Retained Earnings account after the closing entries are posted.

7. Prepare the Post-Closing Trial Balance at December 31, 2016.