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58 views1 page

Class Practice Question

Uploaded by

Javeria Khan
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Class Practice Question Arsalan Haneef Malik

Accounting and Financial Information System


Q 12. Givens Graphics Company was organized on January 1, 2010, by Sue Givens. At the end of
the first 6 months of operations, the trial balance contained the accounts on the next page.

Analysis reveals the following additional data.

a) The $3,700 balance in Supplies Expense represents supplies purchased in January. At June
30, $1,300 of supplies was on hand.
b) The note payable was issued on February 1. It is a 9%, 6-month note.
c) The balance in Insurance Expense is the premium on a one-year policy, dated March 1,
2010.
d) Consulting fees are credited to revenue when received. At June 30, consulting fees of
$1,500 are unearned.
e) Graphic revenue earned but unrecorded at June 30 totals $2,000.
f) Depreciation is $2,000 per year.

Required:
1. Following the input of opening balances, please prepare financial statements for the six-
month period ending June 30.

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