1. Following information is based on ABC business for the month of April 2020: Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense 4,000, Advertising expense 3,000, Equipment 5,000, Loan payable 8,000, Unearned fees = ? Analysis reveals the following additional data pertaining to these accounts: a) Insurance expired for the month 1500 b) Depreciation on the equipment is 1,000 per month. c) Interest of 330/- is accrued on Loan payable. d) On fourth of unearned was eamed. e) Lawn services rendered but not billed to at the end of month amounted 1,500 Required: a. Find missing figure b. Prepare corrected trial balance with suitable heading c. Prepare adjusting entries for the month of April 2020. d. Ten column work sheet with appropriate headings

1. Following information is based on ABC business for the month of April 2020: Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense 4,000, Advertising expense 3,000, Equipment 5,000, Loan payable 8,000, Unearned fees = ? Analysis reveals the following additional data pertaining to these accounts: a) Insurance expired for the month 1500 b) Depreciation on the equipment is 1,000 per month. c) Interest of 330/- is accrued on Loan payable. d) On fourth of unearned was eamed. e) Lawn services rendered but not billed to at the end of month amounted 1,500 Required: a. Find missing figure b. Prepare corrected trial balance with suitable heading c. Prepare adjusting entries for the month of April 2020. d. Ten column work sheet with appropriate headings

Name: 1. Following information is based on ABC business for the month of Ap
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Description: 1. Following information is based on ABC business for the month of April 2020:Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense4,000, Advertising expense 3,000, Equipment 5,000, Loan payable 8,000, Unearned fee

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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1. Following information is based on ABC business for the month of April 2020:
Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense
4,000, Advertising expense 3,000, Equipment 5,000, Loan payable 8,000, Unearned fees = ?
Analysis reveals the following additional data pertaining to these accounts:
a) Insurance expired for the month 1500
b) Depreciation on the equipment is 1,000 per month.
c) Interest of 330/- is accrued on Loan payable.
d) On fourth of unearned was earned.
e) Lawn services rendered but not billed to at the end of month amounted 1,500
Required: a. Find missing figure b. Prepare corrected trial balance with suitable heading
c. Prepare adjusting entries for the month of April 2020. d. Ten column work sheet with
appropriate headings

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