a. List down the steps involved in ACcounting Cycle. b. Prepare Adjusting Entries for the year ended 31 December 2019. c. Posting of adjusting entries to their respective T-accounts. d. Prepare an adjusted Trial Balance.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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VEGO COMPANY
TRIAL BALANCE
December 31,2019
DEBIT
CREDIT
Cash
Accounts receivable
Office Supplies
Equipment
Accounts Payable
80,000
35,000
22,000
60,000
15,000
30,000
129,000
Unearned Revenue
Capital Stock
Dividend
Retain Earning
10,000
11,000
75,000
Service Revenue
Salary Expense
Misc expense
35,000
18,000
260,000
260,000
Additional information
1. Accrued but unpaid employee salaries were Rs.6,000 at December 31, 2019.
2. Revenue unearned at December 31, 2019 was Rs.11,000.
3. Service provided to customers but unbilled at December 31, 2019 was Rs.26,000.
4. Depreciation of equipment for the year Rs.2,500.
5. Office Supplies on hand at December 31, 2019 was Rs.7,000.
Required
a. List down the steps involved in Accounting Cycle.
b. Prepare Adjusting Entries for the year ended 31 December 2019.
c. Posting of adjusting entries to their respective T-accounts.
d. Prepare an adjusted Trial Balance.
e. Prepare Income Statement. Statement of Retain Earning for the year ended 31
Dec 2019 and Balance Sheet as at 31 Dec 2019. |
Transcribed Image Text:VEGO COMPANY TRIAL BALANCE December 31,2019 DEBIT CREDIT Cash Accounts receivable Office Supplies Equipment Accounts Payable 80,000 35,000 22,000 60,000 15,000 30,000 129,000 Unearned Revenue Capital Stock Dividend Retain Earning 10,000 11,000 75,000 Service Revenue Salary Expense Misc expense 35,000 18,000 260,000 260,000 Additional information 1. Accrued but unpaid employee salaries were Rs.6,000 at December 31, 2019. 2. Revenue unearned at December 31, 2019 was Rs.11,000. 3. Service provided to customers but unbilled at December 31, 2019 was Rs.26,000. 4. Depreciation of equipment for the year Rs.2,500. 5. Office Supplies on hand at December 31, 2019 was Rs.7,000. Required a. List down the steps involved in Accounting Cycle. b. Prepare Adjusting Entries for the year ended 31 December 2019. c. Posting of adjusting entries to their respective T-accounts. d. Prepare an adjusted Trial Balance. e. Prepare Income Statement. Statement of Retain Earning for the year ended 31 Dec 2019 and Balance Sheet as at 31 Dec 2019. |
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