At the end of January, Park Cleaners, Inc (PCI) analyzed the following transactions for which journal entries have not yet been prepared.
1 An inventory count at the close of business on January 31 reveals that $300 of supplies are still on hand.
2 Insurance of $200 ($2,400 / 12) expires each month.
3 The truck has a useful life of 5 years (60 months) and has a salvage value of $2,500.
4 Completed cleaning services for customers for a total of $3,000, but have not yet sent out the invoices.
For the above transactions, Prepare the Adjusting Journal Entries, Post to the General Ledger (t-accounts), and Prepare an Adjusted Trial Balance.
5.Prepare the Income Statement, Statement of Retained Earnings, and the Balance Sheet.