Instructions: Maya Travel was organized on September 1, 2020. Assume that the accounts are closed and financial statements are prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, September 1, 2020. The unadjusted trial balance for Maya Travel at November 30, 2020 is shown below: Unadjusted Trial Balance Credit Account Title and Explanation Cash Accounts Receivable Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Kay, Саpital Drawing, Capital Service Revenue Advertising Expense Salaries Expense Rent Expense Total Debit 2,750 1,210 4,800 80 1,640 7,490 500 5,220 800 3,600 770 14,430 14,430 Additional Information: The rent expense amounting to PHP 770 covers rental for the month of November and December 2020. Instructions: 1. Prepare the adjusting entries necessary for the above problem. 2. Prepare an adjusted trial balance.

Instructions: Maya Travel was organized on September 1, 2020. Assume that the accounts are closed and financial statements are prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, September 1, 2020. The unadjusted trial balance for Maya Travel at November 30, 2020 is shown below: Unadjusted Trial Balance Credit Account Title and Explanation Cash Accounts Receivable Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Kay, Саpital Drawing, Capital Service Revenue Advertising Expense Salaries Expense Rent Expense Total Debit 2,750 1,210 4,800 80 1,640 7,490 500 5,220 800 3,600 770 14,430 14,430 Additional Information: The rent expense amounting to PHP 770 covers rental for the month of November and December 2020. Instructions: 1. Prepare the adjusting entries necessary for the above problem. 2. Prepare an adjusted trial balance.

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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