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NEED FULL SOLUTION AND SOLVE ONLY IF U ARE SURE!! Q3. In December 31, 2022 the accountant discovered the following information: 1. Supplies purchased during the year and recorded as an assets were 20,000. As the Physical counting indicated that end of period supplies were 5,000. 2. Cash received for 5,000 during the year against services not yet provided to the clients and recorded as earned revenues. 3. Salaries for 25,000 incurred in the year but unpaid and unrecorded. 4. Revenues for 50,000 earned in the year but uncollected and unrecorded. 5. The annual Depreciation expenses for 10,000 unrecorded. Required: Pass the required Adjusting Entries for the above Information. Anguori

NEED FULL SOLUTION AND SOLVE ONLY IF U ARE SURE!! Q3. In December 31, 2022 the accountant discovered the following information: 1. Supplies purchased during the year and recorded as an assets were 20,000. As the Physical counting indicated that end of period supplies were 5,000. 2. Cash received for 5,000 during the year against services not yet provided to the clients and recorded as earned revenues. 3. Salaries for 25,000 incurred in the year but unpaid and unrecorded. 4. Revenues for 50,000 earned in the year but uncollected and unrecorded. 5. The annual Depreciation expenses for 10,000 unrecorded. Required: Pass the required Adjusting Entries for the above Information. Anguori

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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NEED FULL SOLUTION AND SOLVE ONLY IF U ARE SURE!! Q3. In December 31, 2022 the accountant discovered the following information: 1. Supplies purchased during the year and recorded as an assets were 20,000. As the Physical counting indicated that end of period supplies were 5,000. 2. Cash received for 5,000 during the year against services not yet provided to the clients and recorded as earned revenues. 3. Salaries for 25,000 incurred in the year but unpaid and unrecorded. 4. Revenues for 50,000 earned in the year but uncollected and unrecorded. 5. The annual Depreciation expenses for 10,000 unrecorded. Required: Pass the required Adjusting Entries for the above Information. Answer: Q4. Below Is The Adjusted Trail Balance For ABC Corporation As of December 31 2022: Debit Credit Items Cash Accounts Receivable Supplies Equipment Accumulated Depreciation -Equipment Accounts Payable Notes Payable Unearned Revenues Common Stock Retained Earnings Dividends Sales Salaries Expenses Rent Expenses Cost Of Goods Sold Depreciation Expenses 1,000,000 5,000,000 100,000 1,000,000 100,000 200,000 100,000 500,000 100,000 4,600,000 300,000 Total Required: Prepare the Following Statements 1. Income Statement 2. Retained Earnings Statement 3. Balance Sheet Statement 10,000,000 1,000,000 500,000 7,000,000 100,000 15,800,000 15,800,000
Transcribed Image Text:NEED FULL SOLUTION AND SOLVE ONLY IF U ARE SURE!! Q3. In December 31, 2022 the accountant discovered the following information: 1. Supplies purchased during the year and recorded as an assets were 20,000. As the Physical counting indicated that end of period supplies were 5,000. 2. Cash received for 5,000 during the year against services not yet provided to the clients and recorded as earned revenues. 3. Salaries for 25,000 incurred in the year but unpaid and unrecorded. 4. Revenues for 50,000 earned in the year but uncollected and unrecorded. 5. The annual Depreciation expenses for 10,000 unrecorded. Required: Pass the required Adjusting Entries for the above Information. Answer: Q4. Below Is The Adjusted Trail Balance For ABC Corporation As of December 31 2022: Debit Credit Items Cash Accounts Receivable Supplies Equipment Accumulated Depreciation -Equipment Accounts Payable Notes Payable Unearned Revenues Common Stock Retained Earnings Dividends Sales Salaries Expenses Rent Expenses Cost Of Goods Sold Depreciation Expenses 1,000,000 5,000,000 100,000 1,000,000 100,000 200,000 100,000 500,000 100,000 4,600,000 300,000 Total Required: Prepare the Following Statements 1. Income Statement 2. Retained Earnings Statement 3. Balance Sheet Statement 10,000,000 1,000,000 500,000 7,000,000 100,000 15,800,000 15,800,000
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