Question # 06Progressive EnterpriseTrial BalanceAs at 30th June, 2021Cr. BalancesDr. Balances50,000.002,10,000.0045,000.001,500.00ParticularsLand and buildingPurchasesOpening stockReturns inwardReturns outward2,500.00WagesSalariesOffice expensesCarriage inwardsCarriage outwardsDiscount allowed45,300.0039,000.0015,400.001,200.002,000.00750.00Discount received1,200.00Bad debts1,200.003,85,000.001,15,000.0025,000.00SalesCapital accountLoanInsurance1,500.00CommissionPlant and machineryFurniture and fixturesNotes receivableAccounts receivablesAccounts payableCash at bankOffice equipmentsNotes payableExpenses payableTotal1,500.0050,000.0020,000.0020,000.0040,000.0025,000.0016,000.0012,000.0012,350.003,300.005,70,850.005,70,850.00Required : Prepare necessary closing journals entries.

Closing entries means the entries to be made on the closing of any particular period . All revenue…

Question # 06 Progressive Enterprise Trial Balance As at 30th June, 2021 Dr. Balances 50,000.00 2,10,000.00 45,000.00 1,500.00 Particulars Cr. Balances Land and building Purchases Opening stock Returns inward Returns outward Wages Salaries 2,500.00 Office expenses Carriage inwards Carriage outwards Discount allowed 45,300.00 39,000.00 15,400.00 1,200.00 2,000.00 750.00 Discount received 1,200.00 Bad debts Sales 1,200.00 Capital account Loan Insurance Commission 3,85,000.00 1,15,000.00 25,000.00 1,500.00 1,500.00 Plant and machinery Furniture and fixtures Notes receivable Accounts receivables Accounts payable Cash at bank Office equipments Notes payable Expenses payable Total 50,000.00 20,000.00 20,000.00 40,000.00 25,000.00 16,000.00 12,000.00 12,350.00 3,300.00 5,70,850.00 5,70,850.00 Prepare necessary closing journals entries.

Question # 06 Progressive Enterprise Trial Balance As at 30th June, 2021 Dr. Balances 50,000.00 2,10,000.00 45,000.00 1,500.00 Particulars Cr. Balances Land and building Purchases Opening stock Returns inward Returns outward Wages Salaries 2,500.00 Office expenses Carriage inwards Carriage outwards Discount allowed 45,300.00 39,000.00 15,400.00 1,200.00 2,000.00 750.00 Discount received 1,200.00 Bad debts Sales 1,200.00 Capital account Loan Insurance Commission 3,85,000.00 1,15,000.00 25,000.00 1,500.00 1,500.00 Plant and machinery Furniture and fixtures Notes receivable Accounts receivables Accounts payable Cash at bank Office equipments Notes payable Expenses payable Total 50,000.00 20,000.00 20,000.00 40,000.00 25,000.00 16,000.00 12,000.00 12,350.00 3,300.00 5,70,850.00 5,70,850.00 Prepare necessary closing journals entries.

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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26 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable - - BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 - Fees Income BD2700- Furniture BD10000 Required: Compute the net income or net loss and show solution steps.
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Question Prepare the closing entries
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27 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000 Required: Compute ending capital on Dec 31 2020 and show solution steps. *
25 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 - Accounts Receivable - BD2000 Equipment BD6000 Prepaid Rent BD4000 - Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700 - Furniture BD10000 - Use the previous information to question 25 to question 28: Required: Compute the amount and show solution steps of: 1- Total Revenues 2- Total Expenses *
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28 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts - Receivable BD2000 Equipment BD6000 Accounts Prepaid Rent BD4000 - Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000. Required: compute the amount and show solution steps of: 1- Total current assets. 2- Total fixed assets. *