Poblano Co. was organized on July 1, 2010. Quarterly financial statements are prepared….

Poblano Co. was organized on July 1, 2010. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.

POBLANO CO.

Trial Balance

September 30, 2010

Unadjusted Adjusted

Dr. Cr. Dr. Cr.

Cash $ 8,700 $ 8,700

Accounts Receivable 10,400 11,200

Supplies 1,500 900

Prepaid Rent 2,200 1,300

Equipment 18,000 18,000

Accumulated Depreciation—Equipment $ 500

Notes Payable $ 10,000 10,000

Accounts Payable 2,500 2,500

Salaries Payable 725

Interest Payable 100

Unearned Rent Revenue 1,900 1,050

Rikki Poblano, Capital 22,000 22,000

Rikki Poblano, Drawing 1,600 1,600

Commission Revenue 16,000 16,800

Rent Revenue 1,410 2,260

Salaries Expense 8,000 8,725

Rent Expense 1,900 2,800

Depreciation Expense 500

Supplies Expense 600

Utilities Expense 1,510 1,510

Interest Expense 100

$53,810 $53,810 $55,935 $55,935

Instructions

(a) Journalize the adjusting entries that were made.

(b) Prepare an income statement and an owner’s equity statement for the 3 months endingSeptember 30 and a balance sheet at September 30

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