Polyolefins such as polyethylene undergo slow degradation when placed in air. Degradation occurs by reactions with atmospheric oxygen that lead to the formation of carbonyl groups (groups containing oxygen), gradual….
Prepare an adjusted trial balance, an income statement, a statement of retained earn- ings, and a balance sheet.
Oraki Tax Service, Inc. Trial Balance December 31, 19×2 Cash Accounts Receivable Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation, Office Equipment Copier Accumulated Depreciation, Copier Accounts Payable Unearned Tax Fees Common Stock Retained Earnings Dividends Fees Revenue Office Salaries Expense Advertising Expense Rent Expense Telephone Expense $ 2,268 1,031 240 782 4,100 410 3,000 360 635 219 2,000 3,439 6,000 21,926 8,300 650 2,400 218 $28,989 $28,989 1. Open T accounts for the accounts in the trial balance plus the following: Income Taxes Payable; Insurance Expense; Office Supplies Expensie; Depreciation Expense, Office Equipment; Depreciation Expense, Copier; and Income Taxes Expense. Record the balances shown in the trial balance. 2. Determine the adjusting entries and post them directly to the T accounts. 3. Prepare an adjusted trial balance, an income statement, a statement of retained earn- ings, and a balance sheet.