Homework Help is Here – Start Your Trial Now!
Business
Accounting
Can you please solve step 5?

Can you please solve step 5?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Can you please solve step 5?

A. K Paul services Trial Balance As At 30 June 2020 2 Student # 210075 Account No Debit Account Name Credit 3 4 Step 1: Type your student number to get your allocated question (trial Balance) 101 Cash at Bank 9750.00 105 Accounts Receivable 3250.00 6 115 Supplies 1100,00 7 120 Prepaid Insurance 2200.00 8 Step 2: Journalise the adjustment transactions (adjustments sheet) 135 Office Furniture 27500.00 9 137 0.00 Acc. Depreciation. - Furniture Office Equipment 10 140 55000.00 Step 3: post adjusting journal entries and complete the Worksheet 11 Acc. Depreciation - Equipment Store Equipment 141 0.00 12 Step 4: Create the Income Statements from the completed Worksheet 145 82500.00 13 146 Acc. Depreciation - Equipment 0.00 14 170 Automobile 110000.00 15 Step 5: Journalise the closing entries 171 Acc. Depreciation - Automobile 0.00 Accounts Payable Interest Payable 16 201 6500.00 17 203 9750.00 Step 6: Create the changes in Equity and Balance sheet from the completed 18 Worksheet 19 204 Unearned revenue 13750.00 206 Loan Payable 5500.00 20 110000.00 43940.00 208 Mortgage Payable Paul's Capital 21 Step 7: Answer the following questions considering proper referencing; 301 22 1) What is a trial balance, why do we create it? What are adjustment journal entries? Why do we record the 302 Paul's Drawings 110.00 23 401 Revenue 110000.00 2) 24 adjustment journal entries? Advertising Expense Automobile Expense 501 200.00 25 3) 502 5775.00 What is the purpose of writing an adjusted Trial balance? How adjustment journal entries are different from the closing journal 504 Depreciation Expense - Furniture Depreciation Expense - Equipment 26 0.00 4) 27 504 0.00 28 entries? 504 Depreciation Expense - Store Equipr 0.00 Depreciation Expense - Automobile Insurance Expense 29 504 0.00 30 505 200.00 *** The report should be in just one word format file and total number of 31 words including numbers should be 2000 words and proper referencing. 32 *** Penalty will be applied to late submission or high similarity rate Maintenance Expense Miscellaneous Expense 506 700.00 507 1155.00 33 508 Rent Expense 0.00 34 assignments 509 Supplies Expense Utilities Expense 0.00 35 510 0.00 36 511 Interest Expense 0.00 37 299440.00 299440.00 38
Transcribed Image Text:A. K Paul services Trial Balance As At 30 June 2020 2 Student # 210075 Account No Debit Account Name Credit 3 4 Step 1: Type your student number to get your allocated question (trial Balance) 101 Cash at Bank 9750.00 105 Accounts Receivable 3250.00 6 115 Supplies 1100,00 7 120 Prepaid Insurance 2200.00 8 Step 2: Journalise the adjustment transactions (adjustments sheet) 135 Office Furniture 27500.00 9 137 0.00 Acc. Depreciation. - Furniture Office Equipment 10 140 55000.00 Step 3: post adjusting journal entries and complete the Worksheet 11 Acc. Depreciation - Equipment Store Equipment 141 0.00 12 Step 4: Create the Income Statements from the completed Worksheet 145 82500.00 13 146 Acc. Depreciation - Equipment 0.00 14 170 Automobile 110000.00 15 Step 5: Journalise the closing entries 171 Acc. Depreciation - Automobile 0.00 Accounts Payable Interest Payable 16 201 6500.00 17 203 9750.00 Step 6: Create the changes in Equity and Balance sheet from the completed 18 Worksheet 19 204 Unearned revenue 13750.00 206 Loan Payable 5500.00 20 110000.00 43940.00 208 Mortgage Payable Paul's Capital 21 Step 7: Answer the following questions considering proper referencing; 301 22 1) What is a trial balance, why do we create it? What are adjustment journal entries? Why do we record the 302 Paul's Drawings 110.00 23 401 Revenue 110000.00 2) 24 adjustment journal entries? Advertising Expense Automobile Expense 501 200.00 25 3) 502 5775.00 What is the purpose of writing an adjusted Trial balance? How adjustment journal entries are different from the closing journal 504 Depreciation Expense - Furniture Depreciation Expense - Equipment 26 0.00 4) 27 504 0.00 28 entries? 504 Depreciation Expense - Store Equipr 0.00 Depreciation Expense - Automobile Insurance Expense 29 504 0.00 30 505 200.00 *** The report should be in just one word format file and total number of 31 words including numbers should be 2000 words and proper referencing. 32 *** Penalty will be applied to late submission or high similarity rate Maintenance Expense Miscellaneous Expense 506 700.00 507 1155.00 33 508 Rent Expense 0.00 34 assignments 509 Supplies Expense Utilities Expense 0.00 35 510 0.00 36 511 Interest Expense 0.00 37 299440.00 299440.00 38
A B D E 1 Item Description 4 Interest has accrued on the mortgage but not paid. $11,000 5 For the following: 6 Amount: 7 8 9 For the following: Adjustment for the period. 10 Instructions: Ending Supplies remains on hand 11 Ending Supplies inv. $275.00 12 13 Instructions: Prepaid insurance shows a total value remaining of $440.00 |135 14 15 Depreciable Asset: 16 For the following: Depreciation adjustment for the period.SL method 17 Office Furniture 18 life= 5 Residual value =7500 19 Depreciable Asset: 140 20 For the following: Adjustment for the period .SL method 21 Office Equipment life= 5 145 22 Residual value =5000 Depreciable Asset: For the following: 23 24 Adjustment for the period. SL method 25 Store Equipment life= 10 170 26 Residual value =2500 27 Depreciable Asset: 28 For the following: Adjustment for the period. SL method 29 Automobile 30 life= 10 Residual value =0000 31 32 Instructions: The portion of unearned revenue which is earned at the end of June. 33 $6,875.00 34 23
Transcribed Image Text:A B D E 1 Item Description 4 Interest has accrued on the mortgage but not paid. $11,000 5 For the following: 6 Amount: 7 8 9 For the following: Adjustment for the period. 10 Instructions: Ending Supplies remains on hand 11 Ending Supplies inv. $275.00 12 13 Instructions: Prepaid insurance shows a total value remaining of $440.00 |135 14 15 Depreciable Asset: 16 For the following: Depreciation adjustment for the period.SL method 17 Office Furniture 18 life= 5 Residual value =7500 19 Depreciable Asset: 140 20 For the following: Adjustment for the period .SL method 21 Office Equipment life= 5 145 22 Residual value =5000 Depreciable Asset: For the following: 23 24 Adjustment for the period. SL method 25 Store Equipment life= 10 170 26 Residual value =2500 27 Depreciable Asset: 28 For the following: Adjustment for the period. SL method 29 Automobile 30 life= 10 Residual value =0000 31 32 Instructions: The portion of unearned revenue which is earned at the end of June. 33 $6,875.00 34 23
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 7 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Techniques of Time Value Of Money
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS