(Solved) The unadjusted trial balance for Peanut Butter & Jam Inc. appears below as of December 31, ...

The unadjusted trial balance for Peanut Butter & Jam Inc. appears below as of December 31, 2013.
   Peanut Butter & Jam Inc.
   Unadjusted Trial Balance
   December 31, 2013
   Debit   Credit
Cash   $55,500
Accounts receivable   6,000
Prepaid insurance   15,000
Supplies   3,000
Equipment   40,000
Accumulated depreciation-equipment      $4,000
Accounts payable      21,000
Unearned service revenue      10,500
Common shares      48,250
Retained earnings      12,000
Dividends   5,000
Service revenue      44,600
Salary expense    7,200
Utilities expense   1,200
Rent expense   5,250
Advertising expense   2,200   ________
   $140,350   $140,350

Additional data is as follows:
∙   Unearned service revenue earned during the year amounts to $8,500.
∙   Depreciation for the current year amounts to $4,000.
∙   Prepaid insurance consists of a policy purchased on January 1, 2013 for a 15 months coverage.
∙   Supplies used during the current year amount to $1,500.
∙   Accrued salaries on December 31, 2013, amount to $2,500.

Based on the unadjusted trial balance and the additional data, prepare a balance sheet for Peanut Butter & Jam Inc. dated December 31, 2013.

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The unadjusted trial balance for Peanut Butter & Jam Inc. appears below as of December 31, ...

Financial Accounting, Canadian Edition

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