The following shows the unadjusted Trial Balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Trial Balance as at December 31, 2007 A/C NameUnadjusted Trial Balance DEBITCREDIT $ $Cash60,000 Accounts receivable50000 Supplies10,000 Prepaid Insurance120000 Building500,000 Accumulated depreciation - Building 300000Furniture and Fixtures100000 Accumulated depreciation - Furniture and Fixutures 40000Accounts payable 20000Salary payable Unearned Consultancy revenue 80000Mark Wall, Capital 240000Mark Wall, Withdrawal250000 Consultancy revenue 625000Salary expenses160000 Supplies Expenses Insurance Expenses Utilities Expenses25000 Depreciation expense - Furniture and Fixtures Depreciation expense - Building Advertising Expense30000 TOTALS1,305,000.00$1,305,000.00 Requirements: Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31, 2007 Supplies used during the period - $5000 All of the prepaid insurance expired at year end Depreciation expense – Building : $50,000 Depreciation expense – Furniture & Fixtures: $10,000 Accrued salary expense: $15,000 Unearned consultancy revenue at the end of the period: $10,000 Prepare the Income statement for the year ended December 31st, 2007 Prepare the Statement of owner’s equity for December 31st,2007 Prepare the Balance sheet as at December 31st, 2007 Prepare the closing entries Prepare a Post-closing Trial Balance

Statement of owners equity refers to the statement which reflects the details analysis of the money…

Answered: 25000 Depreciation expense -…

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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The following shows the unadjusted Trial Balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007.

Trial Balance

as at December 31, 2007

A/C Name	Unadjusted Trial Balance
	DEBIT	CREDIT
	$	$
Cash	60,000
Accounts receivable	50000
Supplies	10,000
Prepaid Insurance	120000
Building	500,000
Accumulated depreciation - Building		300000
Furniture and Fixtures	100000
Accumulated depreciation - Furniture and Fixutures		40000
Accounts payable		20000
Salary payable
Unearned Consultancy revenue		80000
Mark Wall, Capital		240000
Mark Wall, Withdrawal	250000
Consultancy revenue		625000
Salary expenses	160000
Supplies Expenses
Insurance Expenses
Utilities Expenses	25000
Depreciation expense - Furniture and Fixtures
Depreciation expense - Building
Advertising Expense	30000
TOTALS	1,305,000.00	$1,305,000.00

Requirements:

Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31, 2007
Supplies used during the period - $5000
All of the prepaid insurance expired at year end
Depreciation expense – Building : $50,000
Depreciation expense – Furniture & Fixtures: $10,000
Accrued salary expense: $15,000
Unearned consultancy revenue at the end of the period: $10,000

Prepare the Income statement for the year ended December 31^st, 2007
Prepare the Statement of owner’s equity for December 31^st,2007
Prepare the Balance sheet as at December 31^st, 2007
Prepare the closing entries
Prepare a Post-closing Trial Balance

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