1 Paul services Trial Balance As At 30 June 2020 2 Student # 210075 Account No Account Name Debit Credit 3 4 101 Cash at Bank 9750.00 Step 1: Type your student number to get your allocated question (trial 5 105 Accounts Receivable 3250.00 Balance) 6 115 Supplies 1100.00 7 120 Prepaid Insurance 2200.00 8 Step 2: Journalise the adjustment transactions (adjustments sheet) 135 Office Furniture 27500.00 9 137 0.00 Acc. Depreciation. - Furniture Office Equipment Acc. Depreciation - Equipment Store Equipment 10 " Step 3: post adjusting journal entries and complete the Worksheet 1 140 55000.00 141 0.00 12 R Step 4: Create the Income Statements from the completed Worksheet 145 82500.00 13 14 15 Step 5: Journalise the closing entries 16 Acc. Depreciation - Equipment Depreci Automobile 146 0.00 170 110000.00 Acc. Depreciation - Automobile Accounts Payable Interest Payable 171 0.00 6500.00 9750.00 201 17 Y Step 6: Create the changes in Equity and Balance sheet from the completed 18 8 Worksheet 19 203 13750.00 5500.00 110000.00 204 Unearned revenue 206 Loan Payable 20 21 Step 7: Answer the following questions considering proper referencing; 22 1) What is a trial balance, why do we create it? 23 208 Mortgage Payable Paul's Capital Paul's Drawings 301 43940.00 302 110.00 Revenue Advertising Expense 2) What are adjustment journal entries? Why do we record the 401 110000.00 24 A adjustment journal entries? 25 * 3) 26 4) 501 200.00 502 Automobile Expense 5775.00 What is the purpose of writing an adjusted Trial balance? How adjustment journal entries are different from the closing journal Depreciation Expense - Furniture Depreciation Expense - Equipment 504 0.00 504 0.00 28 entries? 29 30 504 Depreciation Expense - Store Equipr 0.00 Dep Depreciation Expense - Automobile Insurance Expense Maintenance Expense Miscellaneous Expense 504 0.00 505 200.00 *** The report should be in just one word format file and total number of 31 words including numbers should be 2000 words and proper referencing. 32 a *** Penalty will be applied to late submission or high similarity rate 33 34 assignments 506 700.00 507 1155.00 508 Rent Expense Supplies Expense 0.00 509 0.00 35 36 510 Utilities Expense Interest Expense 0.00 511 0.00 37 299440.00 299440.00
1 Paul services Trial Balance As At 30 June 2020 2 Student # 210075 Account No Account Name Debit Credit 3 4 101 Cash at Bank 9750.00 Step 1: Type your student number to get your allocated question (trial 5 105 Accounts Receivable 3250.00 Balance) 6 115 Supplies 1100.00 7 120 Prepaid Insurance 2200.00 8 Step 2: Journalise the adjustment transactions (adjustments sheet) 135 Office Furniture 27500.00 9 137 0.00 Acc. Depreciation. - Furniture Office Equipment Acc. Depreciation - Equipment Store Equipment 10 " Step 3: post adjusting journal entries and complete the Worksheet 1 140 55000.00 141 0.00 12 R Step 4: Create the Income Statements from the completed Worksheet 145 82500.00 13 14 15 Step 5: Journalise the closing entries 16 Acc. Depreciation - Equipment Depreci Automobile 146 0.00 170 110000.00 Acc. Depreciation - Automobile Accounts Payable Interest Payable 171 0.00 6500.00 9750.00 201 17 Y Step 6: Create the changes in Equity and Balance sheet from the completed 18 8 Worksheet 19 203 13750.00 5500.00 110000.00 204 Unearned revenue 206 Loan Payable 20 21 Step 7: Answer the following questions considering proper referencing; 22 1) What is a trial balance, why do we create it? 23 208 Mortgage Payable Paul's Capital Paul's Drawings 301 43940.00 302 110.00 Revenue Advertising Expense 2) What are adjustment journal entries? Why do we record the 401 110000.00 24 A adjustment journal entries? 25 * 3) 26 4) 501 200.00 502 Automobile Expense 5775.00 What is the purpose of writing an adjusted Trial balance? How adjustment journal entries are different from the closing journal Depreciation Expense - Furniture Depreciation Expense - Equipment 504 0.00 504 0.00 28 entries? 29 30 504 Depreciation Expense - Store Equipr 0.00 Dep Depreciation Expense - Automobile Insurance Expense Maintenance Expense Miscellaneous Expense 504 0.00 505 200.00 *** The report should be in just one word format file and total number of 31 words including numbers should be 2000 words and proper referencing. 32 a *** Penalty will be applied to late submission or high similarity rate 33 34 assignments 506 700.00 507 1155.00 508 Rent Expense Supplies Expense 0.00 509 0.00 35 36 510 Utilities Expense Interest Expense 0.00 511 0.00 37 299440.00 299440.00
Chapter1: Financial Statements And Business Decisions
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