Q1: Fly is an airline service provider among some continents; the account adjusted and closed each month. At December 31 the trial balance are given below. Fly Trial Balance December 31, 2020 $ 21,600 9,200 7,600 20,000 1,200,000 Cash Account Receivable Prepaid Rent Unexpired Insurance Aircraft $ 377,000 600,000 61,000 232,850 Accumulated Depreciation Aircraft Note Payable Unearned Passenger Revenues Capital Drawing Freight Revenue Fuel Expense Salaries Expense Maintenance Expense Total 7,000 130,950 56,800 65,700 13,900 $ 1,401,800 $1,401,800 Instructions: Assume and list down some of the adjusting entries of your own choices and then prepared a worksheet for the month ended December 31, 2020.

Q1: Fly is an airline service provider among some continents; the account adjusted and closed each month. At December 31 the trial balance are given below. Fly Trial Balance December 31, 2020 $ 21,600 9,200 7,600 20,000 1,200,000 Cash Account Receivable Prepaid Rent Unexpired Insurance Aircraft $ 377,000 600,000 61,000 232,850 Accumulated Depreciation Aircraft Note Payable Unearned Passenger Revenues Capital Drawing Freight Revenue Fuel Expense Salaries Expense Maintenance Expense Total 7,000 130,950 56,800 65,700 13,900 $ 1,401,800 $1,401,800 Instructions: Assume and list down some of the adjusting entries of your own choices and then prepared a worksheet for the month ended December 31, 2020.

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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