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 Prepare adjusted Trial balance Prepare income statement Prepare balance sheet

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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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
Prepare adjusted Trial balance
Prepare income statement
Prepare balance sheet

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