Using the following information for Bob's Flowers for 200x, and trial balance accounts and balances

on the work
sheet provided, complete the work sheet, prepare adjusting and closing journal entries, and (in good form)
prepare a Income Statement, Statement of Retained Earnings and Balance Sheet.

1. Expired insurance totals $8.

2. Of the unearned revenue, all has been earned by the balance sheet date.

3. Estimated depreciation of equipment is $6.

4. Accrued wages equal $4.

5. Unused supplies on hand are $4.

6. Estimated income taxes are $2.

Account Name

Cash
Account Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depre-.
ciation, Equipment
Account Payable
Unearned Revenue
Common Stock
Dividends
Service Revenue
Wages Expense
Insurance Expense
Depreciation Expence
Wage Payable
Supplies Expense
Tax Expense
Tax Payable
Retained Earning

Trial Balance

Adjustments

Debit

Debit

Credit

Credit

30
20
12
10
40
6
12
8
64

Adjusted Trial
Balance
Debit
Credit
30
20
8
4
6
4
40
6

12
12
0
64

2
48

24

8
4
8
6

56
28
8
6

4
6
2

4
6
2

2
138

138

34

34

2
150

150

I Income
Statement
Debit
Credit

Balance Sheet
Debit

Credit
30
20
4
4
40
12
12
64

2
56
28
8
6
4
6
2
4
56

56

98

2
4
98

Bob's Flowers
Income statement
For the period ended December 31, 200X

Service Revenue
Less: Expenses
Wages Expense
Insurance Expense
Depreciation Expence
Supplies Expense
Net profit Before Tax

56

$
$
$
$
$
$

28
8
6
6
48
8

Tax Expense

Net Profit After Tax

Bob's Flowers
Statement of Retained Earnong
As at December 31, 200X
Balance of retained earning as at Jan 01,
Add: Net profit

Less: Dividend paid

$
$
$
$
$

30
20
4
4
58

Balance of retained earning as at Dec 31

Bob's Flowers
Balance Sjheet
As at December 31, 200X
Assets
Current Assets
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Total current Asset

Fixed Assets
Equipment
Accumulated Depreciation
Total Fixed Asset

$
$
$

40
(12)
28

Total Assets

86

Liabilities
Current Liabilities
Accounts Payable
Wage Payable
Tx Payable
Total Current Liabilities

$
$
$
$

12
4
2
18

Shareholders Equity
Common Stock
Retained Earnings
Total Shareholder equity

$
$
$

64
4
68

Total Liabilities & Equities

86

Adjusting Enteris

Particular

Date

Dec 31, 200X

Debit

Credit

Insurance Expense
Prepaid Insurance

To record the insurance expense

Dec 31, 200X

Unearned Revenue
Service Revenue

To record the revenue earned

Dec 31, 200X

Depreciation Expnse
Accumulated Depreciation

To record the depreciation expense

Dec 31, 200X

Wage Expense
Wage Payable

To record the wage expense

Dec 31, 200X

Supplies Expense
Supplies

To record the supplies expense

Dec 31, 200X

Tax Expense
Tax Payable

To record the tax expense

Closing Enteries

Date

Dec 31, 200X

Particular

Income and Expenditure summary

Wages Expense
Insurance Expense
Depreciation Expence
Supplies Expense
Tax Expense

Debit

Credit

50
28
8
6
6
2

To close all the expenses

Dec 31, 200X

Service Revenue
Income and Expenditure summary

56
56

To close the income

Dec 31, 200X

Income and Expenditure summary

Retained Earning

6
6

To record period earning

Dec 31, 200X

Retained Earning
Dividend
To record the dividend

2
2