The trial balance of Speedy G Internet, Inc. at May 31, 2011, follows:

Speedy G Internet, Inc.

Trial balance

May 31, 2011

Account                                           Debit                   Credit

Cash                                             4,200

Account receivable                  15,000

Prepaid rent                                2,200

Supplies                                      1,000

Equipment                                31,500

Accumulated depreciation                                       4,000

Accounts payable                                                      6,100

Salary payable

Unearned service revenue                                     4,000

Common stock                                                          7,000

Retained earnings                                                  19,600

Dividends                                        3,600

Service revenue                                                      19,000

Salary expense                              2,200

Rent expense

Depreciation expense

Supplies expense

Total                               59,700                 59,700

Adjusting data at May 31:

a.  Unearned service revenue still unearned, $1,000

b.  Prepaid rent sill in force, $1,900

c.  Supplies used during the month, $700

d.  Depreciation for the month, $500

e.  Accrued salary expense, $800

Required:

1.  Journalize adjusting journal entries.

2.  Enter the trial balance on a work sheet and complete the work of Speedy G Internet.

3.  Prepare the income statement, statement of retained earnings, and classified balance sheet in report form.

4.  Using the work sheet data that you prepared, journalize the closing entries and post the adjusting and closing entries to T-accounts. Use dates and show the ending balance of each account.

5.  Prepare a postclosing trial balance.

6.  Calculate the current and debt ratios for the company.

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