As of Sene 30 1994, the end of the current fiscal year, the accountant for Abay General Trading completed the worksheet before journalizing and posting the adjustments. Required: (a) Compare the adjusted and unadjusted trial balances and prepare the eight journal entries that were required to adjust the accounts. (b) Prepare the journal entries that were required to close temporary accounts. Abay General Trading Trial Balance Sene 30, 1994 Un adjusted Adjusted Cash 12,825.00 12,825.00 Supplies 8,950.00 3,635.00 Prepaid rent 19,500.00 1,500.00 Prepaid insurance 3,750.00 1,250.00 Equipment 92,150.00 92,150.00 Accumulated depreciation equipment 53,480.00 66,270.00 Automobile 56,500.00 56,500.00 Accumulated depreciation automobile 28,250.00 36,900.00 Accounts payable 8,310.00 8,730.00 Salary payable 3,400.00 Tax Payable 1,225.00 Ato Abay capital 41,245.00 41,245.00 Ato Abay drawing 18,600.00 18,600.00 Service income 261,200.00 261,200.00 Salary Expense 172,300 175,700.00 Rent Expense 18,000.00 Supplies Expense 5,315.00 Depreciation Expense Equipment 12,790.00 Depreciation Expense Automobile 8,650.00 Utilities Expense 4,700.00 5,120.00 Taxes Expense 1,500 2,725.00 Insurance Expense 2,500.00 Miscellaneous Expense 1,710.00 1,710.00 Total 392,485.00 392,487.00 418,970.00 418,970.00

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Related questions

Question

As of Sene 30 1994, the end of the current fiscal year, the accountant for Abay General

Trading completed the worksheet before journalizing and posting the adjustments.

Required: (a) Compare the adjusted and unadjusted trial balances and prepare the eight journal entries that were required to adjust the accounts.

(b) Prepare the journal entries that were required to close temporary accounts.

Abay General Trading

Trial Balance

Sene 30, 1994

	Un adjusted	Adjusted
Cash	12,825.00		12,825.00
Supplies	8,950.00		3,635.00
Prepaid rent	19,500.00		1,500.00
Prepaid insurance	3,750.00		1,250.00
Equipment	92,150.00		92,150.00
Accumulated depreciation equipment		53,480.00		66,270.00
Automobile	56,500.00		56,500.00
Accumulated depreciation automobile		28,250.00		36,900.00
Accounts payable		8,310.00		8,730.00
Salary payable				3,400.00
Tax Payable				1,225.00
Ato Abay capital		41,245.00		41,245.00
Ato Abay drawing	18,600.00		18,600.00
Service income		261,200.00		261,200.00
Salary Expense	172,300		175,700.00
Rent Expense			18,000.00
Supplies Expense			5,315.00
Depreciation Expense Equipment			12,790.00
Depreciation Expense Automobile			8,650.00
Utilities Expense	4,700.00		5,120.00
Taxes Expense	1,500		2,725.00
Insurance Expense			2,500.00
Miscellaneous Expense	1,710.00	____	1,710.00	____
Total	392,485.00	392,487.00	418,970.00	418,970.00