Using the information provided in P4 3 perform the

following #2986
Using the information provided in P4- 3, perform the following steps: In P4-3Required a.
Journalize and post adjusting journal entries for Herman and Sons’ based on the following
additional information:• Of the cash payments received from customers on December 1, half of
these services were performed in December and half relates to future services to be rendered in
the following year. • Ten months of the insurance policy expired by the end of the year. •
Depreciation for the full year should be recorded on the building purchased. The building has a
20 year life and no residual value. Depreciation will be recorded on a straight- line basis. • A
total of $ 15,000 of supplies remains on hand at the end of the year.• Interest expense in the
amount of $ 7,000 should be accrued on the note payable. • Wages in the amount of $ 32,000
must be accrued at year end to be paid in January. b. Prepare an adjusted trial balance as of
December 31. c. Prepare a single- step income statement, a statement of shareholders’ equity,
and a balance sheet.View Solution:
Using the information provided in P4 3 perform the following

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