Lamburg Company Has Prepared the Following Adjusting Entries at Its

question 23

Essay

Lamburg Company has prepared the following adjusting entries at its fiscal year end on June 30, 2014. The adjustment for depreciation has not yet been prepared for the current year. Lamburg's building was purchased 7 years ago. Lamburg follows straight-line depreciation and for the past 6 years depreciation has been properly recorded. The Land was purchased 11 years ago.
Instructions
a. Prepare an adjusting entry to record depreciation expense.
b. Using the chart below prepare an adjusted trial balance in the last two columns. Use the middle two columns to record any increases and decreases to the account from the adjusting entries. If additional accounts are needed, add them at the bottom of the list of accounts in the trial balance.
c. Prepare an income statement, statement of owner's equity and a balance sheet.

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Definitions:

Facilitate Connections

The act of making it easier for individuals to establish relationships, networks, or links with others or necessary resources.

Community Helpers

Individuals who provide essential services and support within a community, such as firefighters, police officers, and healthcare workers.

Cycle of Empowerment

A process that describes stages of gaining strength, awareness, and control over one's life, often used in personal development and community building.

Community Workers

Individuals who work at the grassroots level to promote, enhance, and assist in the betterment of communities, focusing on social issues and community development.