Q#3 The following account balance were taken from the general ledger of Aslam on June 30, 1994 before adjusting the accountsName of AccountsDebitCreditCash15,000 Account Receivable19,000 Merchandise Inventory (1/1/94)41,200 Purchases112,000 Office Equipment45,100 Purchase discount31,000 Carriage in11,800 Sales Discount1,200 Sales Revenue 126,200Commission Income 3,500Utilities Expense2,500 Advertising Expense8,000 Postages and Telephone expense11,600 Salaries Expense13,000 Rent Expense14,500 Prepaid Insurance11,500 Account Payable 60,000Aslam Drawings11,200 Aslam Capital 1,27,000 348,600348,600 Adjustments at the end of the year:Merchandise Inventory Dec 31, 1994 Rs. 6,000Allowance for Depreciation on equipment 300Allowance for Bad Debts 900 Unpaid Salaries amount 1,500Prepaid Insurance was 300Unearned Commission 50Rent expense for the year 5,000Utility Expense for the year 300Required:Prepare adjusting Entries.

Name: Q#3 The following account balance were taken from the general ledg
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Description: Q#3 The following account balance were taken from the general ledger of Aslam on June 30, 1994 before adjusting the accountsName of AccountsDebitCreditCash15,000 Account Receivable19,000 Merchandise Inventory (1/1/94)41,200 Purchases112,000 Offic

Journalizing is the action of recording and classifying a business transaction into books of…

Answered: Prepare adjusting Entries.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Q#3 The following account balance were taken from the general ledger of Aslam on June 30, 1994 before adjusting the accounts

Name of Accounts	Debit	Credit
Cash	15,000
Account Receivable	19,000
Merchandise Inventory (1/1/94)	41,200
Purchases	112,000
Office Equipment	45,100
Purchase discount	31,000
Carriage in	11,800
Sales Discount	1,200
Sales Revenue		126,200
Commission Income		3,500
Utilities Expense	2,500
Advertising Expense	8,000
Postages and Telephone expense	11,600
Salaries Expense	13,000
Rent Expense	14,500
Prepaid Insurance	11,500
Account Payable		60,000
Aslam Drawings	11,200
Aslam Capital		1,27,000
	348,600	348,600

Adjustments at the end of the year:

Merchandise Inventory Dec 31, 1994 Rs. 6,000
Allowance for Depreciation on equipment 300

Allowance for Bad Debts 900

Unpaid Salaries amount 1,500
Prepaid Insurance was 300
Unearned Commission 50

Rent expense for the year 5,000
Utility Expense for the year 300

Required:

Prepare adjusting Entries.

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