please answer do not image. 6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is asfollows:For the Quarter ended 31" March, 2015Account TitlesDebit TKMr. SarifTrial BalanceCashAccounts Receivable.SuppliesOffice EquipmentAccumulated DepreciationNotes payableAccounts PayableInterest PayableSarif's CapitalSarif's DrawingsService RevenueSalaries expensePurchaseTransportation expenseUnearned RevenueAdvertising ExpenseShowroom ExpensePrepaid InsuranceMiscellaneous expense1360015400150034000Requirements: i) Prepare a complete work sheet.10000400026000250028008004800120001,27,400Adjustments:a) Insurance expires at the rate of TK 500 per monthb) Depreciation is TK. 1000 per monthc) A physical count reveals that supplies on hand 500 taka.d) Interest accrued on 6-month note payable, at the rate of 10%e) Unearned revenue earned during the year is taka 1900.f) Service Provided but unbilled at Dec 31 total TK 750g) Salaries expense is for one year period starting from Jan. 1 2010.h) Create a provision for tax 25%.Credit TK8000160009000500250006590030001,27,400ii) Journalize the closing entry on the basis of work sheet.

According to the question given, we need to prepare the worksheet, and, close entry. Closing…

6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is as follows: Mr. Sarif Trial Balance For the Quarter ended 31" March, 2015 Account Titles Debit TK Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Notes payable Accounts Payable Interest Payable Sarif's Capital Sarif's Drawings Service Revenue Salaries expense Purchase Transportation expense Unearned Revenue Advertising Expense Showroom Expense Prepaid Insurance Miscellaneous expense. Adjustments: a) Insurance expires at the rate of TK 500 per month b) Depreciation is TK. 1000 per month 13600 15400 1500 34000 10000 4000 26000 2500 2800 800 4800 12000 1,27,400 c) A physical count reveals that supplies on hand 500 taka. d) Interest accrued on 6-month note payable, at the rate of 10% e) Unearned revenue earned during the year is taka 1900. f) Service Provided but unbilled at Dec 31 total TK 750 Credit TK g) Salaries expense is for one year period starting from Jan. 1 2010. h) Create a provision for tax 25%. 8000 16000 9000 500 25000 65900 3000 1,27,400

6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is as follows: Mr. Sarif Trial Balance For the Quarter ended 31" March, 2015 Account Titles Debit TK Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Notes payable Accounts Payable Interest Payable Sarif's Capital Sarif's Drawings Service Revenue Salaries expense Purchase Transportation expense Unearned Revenue Advertising Expense Showroom Expense Prepaid Insurance Miscellaneous expense. Adjustments: a) Insurance expires at the rate of TK 500 per month b) Depreciation is TK. 1000 per month 13600 15400 1500 34000 10000 4000 26000 2500 2800 800 4800 12000 1,27,400 c) A physical count reveals that supplies on hand 500 taka. d) Interest accrued on 6-month note payable, at the rate of 10% e) Unearned revenue earned during the year is taka 1900. f) Service Provided but unbilled at Dec 31 total TK 750 Credit TK g) Salaries expense is for one year period starting from Jan. 1 2010. h) Create a provision for tax 25%. 8000 16000 9000 500 25000 65900 3000 1,27,400

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1OYO

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