Question

Thanos Merchandising Company Unadjusted Trial Balance December 13, 2019 Account Balance Bank 187.200 Interest Payable 180.000...

Thanos Merchandising Company
Unadjusted Trial Balance
December 13, 2019

Account

Balance

Bank

187.200

Interest Payable

180.000

Bank Loan (5 years)

552.000

Notes Receivable

336.000

Service Revenue

1.080.000

Cost of Service

576.000

Office Supplies

21.600

Accumulated Depreciation(Building)

336.000

Equipment

264.000

Marketing Expense

????

Building

480.000

Depreciation Expense (Building)

72.000

Interest receivable

90.000

Note payable (3 years)

300.000

Cash

33.600

Profit from sale of equipment

7.200

Account Receivable

136.800

Capital

924.000

Utilities Expense

230.400

Accounts Payable

168.000

Bank Loan (1 year)

60.000

Rent Expense

126.000

Prepaid Rent

60.000

Interest Expense

57.600

Accumulated Depreciation(Equipment)

216.000

Service discount

30.000

Land

960.000

Depreciation Expense (Equipment)

192.000

Interest Revenue

60.000

Insurance Expense

42.000

Unearned Service Revenue

84.000

Thanos Merchandising Company was established on January 1, 2019. As of December 31, 2019, the following additional information is available:

1. $5.000 of Office Supplies has been used.

2. Accrued interest revenue is $10.000.

3. $15.000 of prepaid rent has expired as of December 31, 2019.

4. As of December 31, 2017, $20.000 of the Unearned Service Revenue is earned.

Required:

a. Find the Marketing Expense for the year of 2019 (Hint: Write all the accounts to debit or credit sides while considering their nature. The total of debit and credit sides should be equal.)

b. Prepare and journalize the adjusting entries.

c. Prepare the adjusted trial balance.

d. Journalize the closing entries.

e. Prepare Income Statement and Statement of Financial Position (Balance Sheet) of Thanos Service Company in proper form.

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