Question: Preparing a worksheet, financial statements, and closing entries The unadjusted trial balance of Farrell Investment Advisers at December 31, 2016, follows:
Adjustment data at December 31, 2016:
a. Unearned Revenue received during the year, $700.
b. Office Supplies on hand, $1,500.
c. Depreciation for the year, $8,000.
d. Accrued Salaries Expense, $5,000.
e. Accrued Service Revenue, $9,000.
Requirements: 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016.
2. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format. 3. Prepare closing entries.