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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Activity 4: Adjusting and Trial Balance Overload!
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
Debit
2,750
1,210
4,800
Account Title and Explanation
Cash
Accounts Receivable
Office Equipment
Accumulated Depreciation-Office Equipment
Accounts Payable
Kay, Capital
Drawing, Capital
Service Revenue
Advertising Expense
Salaries Expense
Rent Expense
Total
Credit
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.
5
GSC-CID-LRMS-ESSLM, v.r. 03.00, Effective June 14, 2021
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