Lisa and Charlie operate a yacht maintenance service that they incorporated as Reliable Yacht Repair,Inc.They recently talked to their banker about obtaining a loan.The banker has requested their most recent financial statements prepared in accordance with GAAP.Lisa and Charlie are unsure of how to proceed and ask you for advice.You asked for their most recent unadjusted trial balance,which follows:

Required:
Review the unadjusted trial balance and identify the accounts that might require adjustment at June 30,2015.Then,describe what information you would need in order to determine the nature and amount of the adjusting entry for each of the accounts identified.

Question

Lisa and Charlie operate a yacht maintenance service that they incorporated as Reliable Yacht Repair,Inc.They recently talked to their banker about obtaining a loan.The banker has requested their most recent financial statements prepared in accordance with GAAP.Lisa and Charlie are unsure of how to proceed and ask you for advice.You asked for their most recent unadjusted trial balance,which follows:
  
Required:
Review the unadjusted trial balance and identify the accounts that might require adjustment at June 30,2015.Then,describe what information you would need in order to determine the nature and amount of the adjusting entry for each of the accounts identified.

Quizplus · Accepted Answer

The Answer of Lisa and Charlie operate a yacht maintenance service that they incorporated as Reliable Yacht Repair,Inc.They recently talked to their banker about obtaining a loan.The banker has requested their most recent financial statements prepared in accordance with GAAP.Lisa and Charlie are unsure of how to proceed and ask you for advice.You asked for their most recent unadjusted trial balance,which follows:
  
Required:
Review the unadjusted trial balance and identify the accounts that might require adjustment at June 30,2015.Then,describe what information you would need in order to determine the nature and amount of the adjusting entry for each of the accounts identified.

Lisa and Charlie Operate a Yacht Maintenance Service That They