Other data:1. Supplies on hand revealed at 31, December $300.2. Prepaid insurance was paid on 1 July 2021 for 12 months.3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salaryexpense per day $500, December 31 is Wednesday. Employees are paid on Monday for thepreceding 5 days work week.5. One third of the unearned service revenue has been earned.Requirements:a) Journalize the adjusting entries for the year ended 31, December 2021.|b) Complete the worksheet for the year ended 31, December 2021. 2. Following is the unadjusted trial balance of Mohammad Abdullah's Electric House for the yearended December 31, 2021Mohammad Abdulla's Electric House31, December 2021Unadjusted Trail balanceCash$200,000Accounts Receivable10,000Supply1,000Prepaid Insurance12,000Equipment80,000Accumulated depreciation-Equipment$5,000Accounts payable15,000Unearned service revenue6,000Loan payable50,000Owner's Capital184,000Owner's Drawings2,000Service Revenues55,000Salaries expense8,000Cleaning expense2,000$315,000 S315,000

The financial statements of the business include the income statement and balance sheet of the firm.

Other data: 1. Supplies on hand revealed at 31, December $300. 2. Prepaid insurance was paid on 1 July 2021 for 12 months. 3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salary expense per day $500, December 31 is Wednesday. Employees are paid on Monday for the preceding 5 days work week. 5. One third of the unearned service revenue has been earned. Requirements: a) Journalize the adjusting entries for the year ended 31, December 2021. Ib) Comnlete the worksheet for the vear ended 31 December 2021

Other data: 1. Supplies on hand revealed at 31, December $300. 2. Prepaid insurance was paid on 1 July 2021 for 12 months. 3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salary expense per day $500, December 31 is Wednesday. Employees are paid on Monday for the preceding 5 days work week. 5. One third of the unearned service revenue has been earned. Requirements: a) Journalize the adjusting entries for the year ended 31, December 2021. Ib) Comnlete the worksheet for the vear ended 31 December 2021

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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