The unadjusted trial balance for Mitchell Pharmacy

appears below The following #2309

The unadjusted trial balance for Mitchell Pharmacy appears below.The following information is
available at year-end for adjustments:a. An analysis of insurance policies indicates that $2,180
of the prepaid insurance is coverage for 2012.b. Depreciation expense for 2011 is $10,130.c.
Four months’ interest at 10 percent is owed but unrecorded and unpaid on the note payable.d.
Wages of $4,950 are owed but unpaid and unrecorded at December 31.e. Income taxes of
$11,370 are owed but unrecorded and unpaid at December 31.Required:1. Prepare the
adjusting entries.2. Prepare an income statement, a retained earnings statement, and a balance
sheet using adjusted account balances.3. Why would you not want to prepare financial
statements until after the adjusting entries are made?View Solution:
The unadjusted trial balance for Mitchell Pharmacy appears below The following

ANSWER
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