Q3. On 31/12/2020, the following balances appeared in the trial balance of Al Ghanim Company Prepaid insurance Supplies Unearned service revenue Equipment Al Ghanim Co. Partial Trial Balance December 31 1,500 1,000 50,000 Additional information: a. An insurance policy examination showed SR1,000 of expired insurance b. An inventory count showed SR200 of unused shop supplies still available c. Depreciation expense on shop equipment, SR10,000 d. SR800 of the Unearned service account balance was earned by year-end. 1,500 Required: 1. Make the necessary adjusting entries. 2. Show the impact of these adjustments on the income statement and the balance sheet statement.

Q3. On 31/12/2020, the following balances appeared in the trial balance of Al Ghanim Company Prepaid insurance Supplies Unearned service revenue Equipment Al Ghanim Co. Partial Trial Balance December 31 1,500 1,000 50,000 Additional information: a. An insurance policy examination showed SR1,000 of expired insurance b. An inventory count showed SR200 of unused shop supplies still available c. Depreciation expense on shop equipment, SR10,000 d. SR800 of the Unearned service account balance was earned by year-end. 1,500 Required: 1. Make the necessary adjusting entries. 2. Show the impact of these adjustments on the income statement and the balance sheet statement.

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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