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E4-2 The adjusted trial balance columns of the worksheet for Albanese Con as follows. ALRANIESE C OMPAIV SnA

E4-2 The adjusted trial balance columns of the worksheet for Albanese Con as follows. ALRANIESE C OMPAIV SnA

FINANCIAL ACCOUNTING
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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198 4 Completing the Accounting Cycle Trial Balance Account Titles Dr. Cr. Unearned Service Revenue 240 Share Capital-Ordinary 5,000 Service Revenue 3,400 Salaries and Wages Expense Miscellaneous Expense 860 240 9,760 9,760 Other data: 1. A physical count reveals HK$460,000 of supplies on hand. 2. HK$100,000 of the unearned revenue is still unearned at month-end. 3. Accrued salaries are HK$250,000. Instructions Enter the trial balance on a worksheet and complete the worksheet. E4-2 The adjusted trial balance columns of the worksheet for Albanese Company, SpA are as follows. Complete the worksheet. (LO 1) ALBANESE COMPANY, SpA Worksheet (partial) For the Month Ended April 30, 2017 Statement Adjusted Trial Balance Income of Financial Statement Position Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 7,442 7,840 2,280 23,000 Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equip. Notes Payable Accounts Payable Share Capital-Ordinary Retained Earnings 4,800 5,700 5,672 22,000 4,000 Dividends 3,000 Service Revenue 12,590 Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Interest Payable 9,840 760 600 57 57 Totals 54,819 54,819 Instructions Complete the worksheet. Prepare financial statements from worksheet. E4-3 Worksheet data for Albanese Company, SpA are presented in E4-2. No ordinary shares were issued during April. (LO 1, 6) Instructions Journalize and post closing entries and prepare a post- closing trial balance. Prepare an income statement, a retained earnings statement, and a classified statement of financial position, using euros as the currency. E4-4 Worksheet data for Albanese Company, SpA are presented in E4-2. (LO 2, 3) Instructions Prepare adjusting entries from a worksheet, and extend balances to worksheet (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T-accounts. (c) Prepare a post-closing trial balance at April 30, using euros as the currency.
Transcribed Image Text:198 4 Completing the Accounting Cycle Trial Balance Account Titles Dr. Cr. Unearned Service Revenue 240 Share Capital-Ordinary 5,000 Service Revenue 3,400 Salaries and Wages Expense Miscellaneous Expense 860 240 9,760 9,760 Other data: 1. A physical count reveals HK$460,000 of supplies on hand. 2. HK$100,000 of the unearned revenue is still unearned at month-end. 3. Accrued salaries are HK$250,000. Instructions Enter the trial balance on a worksheet and complete the worksheet. E4-2 The adjusted trial balance columns of the worksheet for Albanese Company, SpA are as follows. Complete the worksheet. (LO 1) ALBANESE COMPANY, SpA Worksheet (partial) For the Month Ended April 30, 2017 Statement Adjusted Trial Balance Income of Financial Statement Position Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 7,442 7,840 2,280 23,000 Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equip. Notes Payable Accounts Payable Share Capital-Ordinary Retained Earnings 4,800 5,700 5,672 22,000 4,000 Dividends 3,000 Service Revenue 12,590 Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Interest Payable 9,840 760 600 57 57 Totals 54,819 54,819 Instructions Complete the worksheet. Prepare financial statements from worksheet. E4-3 Worksheet data for Albanese Company, SpA are presented in E4-2. No ordinary shares were issued during April. (LO 1, 6) Instructions Journalize and post closing entries and prepare a post- closing trial balance. Prepare an income statement, a retained earnings statement, and a classified statement of financial position, using euros as the currency. E4-4 Worksheet data for Albanese Company, SpA are presented in E4-2. (LO 2, 3) Instructions Prepare adjusting entries from a worksheet, and extend balances to worksheet (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T-accounts. (c) Prepare a post-closing trial balance at April 30, using euros as the currency.
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