WEEK 3 Homework

• E3-21A

Journalize the adjusting entry needed at December31, 2020, for each situation. Consider each fact separately. (Record debits first, then credits. Exclude explanations from any journal entries.)
• E3-23A
Prepare Holiday Hams, Inc.’s single-step income statement and statement of retained earnings for the year ended December 31, 2018, and its balance sheet on that date. The adjusted trial balance of Holiday HamsInc., follows.
• E3-25A
Consider the following selected accounts from the records of East ShoreEnterprises at December 31, 2018:
• E3-27A
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Draper Production Companyfollow.

Requirement 1. Use the data in the partial worksheet to prepare DraperProduction Company’s classified balance sheet at December 31 of the current year. Use the report format. First you mustcalculate the adjusted balance for several of the balance-sheet accounts.
Service revenue $19800
Salaries expense $4900
Rent expense 2,300
Depreciation expense 300
Income tax expense 1800 9300
Net Income $ 10,500

• P3-62A
The adjusted trial balance for the year of SmithCorporation at July31, 2018, follows.

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