QUESTION 10 Mahmood's company report the following unadjusted trial balance: Mahmood Company Unadjusted Trial Balance December 31, 2020 Debit 17,500 16,000 9,000 6,500 28,000 Credit Cash Accounts receivable Office supplies Prepaid rent Office equipment Accumulated depreciation- Office equipment Unearned service fees Mahmood, Capital Mahmood, Withdrawals Fees earned ries expense 3,500 23,500 10,940 1,500 71,960 31,400 The following information is provided: 1) A physical count of supplies shows that supplies available are $2,500. 2) At December 31 , 2020, salaries incurred but not paid were $11,000. 3) A careful analysis shows that 1/4 of unearned service fees were earned by Dec 31, 2020. 4) A client agreed to pay $3,900 for 60-day consulting services. The first day of service started on December 23, 2020. Prepare the necessary adjustments for Mahmood's company. Please follow the example: EXAMPLE: Question: Office equipment has a useful life of 4 years and no salvage value. It was purchased on October, 2019. Depreciation expense has be Answer: Dr. Depreciation expense.. 7,000 Cr. Accumulated Depreciation For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 7,000 Paragraph Arial 10pt T.

QUESTION 10 Mahmood's company report the following unadjusted trial balance: Mahmood Company Unadjusted Trial Balance December 31, 2020 Debit 17,500 16,000 9,000 6,500 28,000 Credit Cash Accounts receivable Office supplies Prepaid rent Office equipment Accumulated depreciation- Office equipment Unearned service fees Mahmood, Capital Mahmood, Withdrawals Fees earned ries expense 3,500 23,500 10,940 1,500 71,960 31,400 The following information is provided: 1) A physical count of supplies shows that supplies available are $2,500. 2) At December 31 , 2020, salaries incurred but not paid were $11,000. 3) A careful analysis shows that 1/4 of unearned service fees were earned by Dec 31, 2020. 4) A client agreed to pay $3,900 for 60-day consulting services. The first day of service started on December 23, 2020. Prepare the necessary adjustments for Mahmood's company. Please follow the example: EXAMPLE: Question: Office equipment has a useful life of 4 years and no salvage value. It was purchased on October, 2019. Depreciation expense has be Answer: Dr. Depreciation expense.. 7,000 Cr. Accumulated Depreciation For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 7,000 Paragraph Arial 10pt T.

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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Data: So 101; X= 114; 1+r= 1.12. The two possibilities for sr are 143 and 85.
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Problem 20-96 from pic.
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Cell D11. There seems to be no D18 to D22 in the solution.