QUESTION NO 2. Mr. Aslam Trial Balance As On December 31 2020 S.No Account Titles A/C# Debit 50,000 65,000 Credit 1 Cash 2 Bank 3 Accounts Receivable 80,000 15,000 4 Office Supplies 25,000 75,000 5 Prepaid insurance Furniture Accumulated depreciation-furniture 6. 37,500 8 Equipment 50,000 Accounts payable 52,500 10 Unearned consultation 30,000 11 Capital- Aslam 250,000 12 Drawings-Aslam 25,000 13 Service income 170,000 14 Commission income 50,000 15 Salaries expense 115,000 90,000 16 Rent expense TOTAL 590,000 590,000 Data for Adjustment: 1. Office supplies unused Rs. 3000. 2. Insurance expired Rs. 15000. 3. Estimated depreciation on Furniture @ 5% and on Equipment @10%. 4. Consultation is still unearned Rs. 6000. 5. Accrued service income Rs. 30000. 6. Commission is received but not earned Rs.10000 and commission is earned but not received Rs. 5000. 7. Actual rent expense for the year Rs. 85000. 8. Salaries are outstanding by Rs. 15000. Required: A. Give Adjusting Entries in proper form. B. Post them into the Ledger, foot and Balance the Accounts. C. Prepare Adjusted Trial Balance. D. Prepare Financial Statements.

QUESTION NO 2. Mr. Aslam Trial Balance As On December 31 2020 S.No Account Titles A/C# Debit 50,000 65,000 Credit 1 Cash 2 Bank 3 Accounts Receivable 80,000 15,000 4 Office Supplies 25,000 75,000 5 Prepaid insurance Furniture Accumulated depreciation-furniture 6. 37,500 8 Equipment 50,000 Accounts payable 52,500 10 Unearned consultation 30,000 11 Capital- Aslam 250,000 12 Drawings-Aslam 25,000 13 Service income 170,000 14 Commission income 50,000 15 Salaries expense 115,000 90,000 16 Rent expense TOTAL 590,000 590,000 Data for Adjustment: 1. Office supplies unused Rs. 3000. 2. Insurance expired Rs. 15000. 3. Estimated depreciation on Furniture @ 5% and on Equipment @10%. 4. Consultation is still unearned Rs. 6000. 5. Accrued service income Rs. 30000. 6. Commission is received but not earned Rs.10000 and commission is earned but not received Rs. 5000. 7. Actual rent expense for the year Rs. 85000. 8. Salaries are outstanding by Rs. 15000. Required: A. Give Adjusting Entries in proper form. B. Post them into the Ledger, foot and Balance the Accounts. C. Prepare Adjusted Trial Balance. D. Prepare Financial Statements.

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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ACCT 2241.2 F Assignment #1 Chapter 1 Due date/time: Monday, January 22, 2024, 11:59 Jordan Corporation began operations on March 1, 2023. The following data is available for March 31: Accounts payable Accounts receivable Cash Contributed capital Expenses, excluding income taxes Income taxes, unpaid Inventory Revenues 43,000 22,000 10,000 1,000 80,000 4,000 27,000 95,000 Required: 1. Prepare the income statement for the month ending March 31, 2023. 2. Prepare the balance sheet for March 31, 2023.
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Leave no cells plank - De certain to enter "U" wherever requirea.) Year Beginning Balance Total Payment Interest Payment Principal Payment 1 $ 72,000.00 $ 18,032.86 $ 5,760.00 $ 12,272.86 $ 2 59,727.14 18,032.86 4,778.17 13,254.69 3 46,472.44 18,032.86 3,717.80 14,315.07 4 32,157.37 18,032.86 2,572.59 15,460.27 5 16,697.10 18,032.86 1,335.77 16,697.10 A b. Interest paid in third year c. Interest paid over the life of loan ✔ Ending Bala 59,7 46,4; 32,15 16,69 b. How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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the journal entr 8.30 Enter the following transactions in the journal of J. Jackson: transaction. 1 Jackson purchased computer for $12 000 on credit from Space Age Computers Ltd. The serial no. was JVX 1302 micro- a Jan. March 15 Equipment valued on the books at $325 was sold at that price to Anne Maynard, who agreed to pay in 30 days April 17 Furniture valued at $420 on the books was sold for $540 on credit to C. Jason 21 Dennis Chung, who was a debtor for $290, died of a heart attack. Jackson decided to write off the debt as a June gesture of sympathy to his family 25 S.T. Lau & Co., a debtor for $420, went bankrupt. On liquidation they were able to pay only $0.25 in the dollar. Jackson received a cheque for this amount. The rest was July written off as a bad debt 15 Office machinery valued at $850 was sold for $730 on credit to Oct. Browne & Co. Nov. 10 Jenn Dade, whose debt of $320 was written off some time ago, sent a cheque for $335 representing repayment of the debt with…
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M # engage.com/mod/que/attempt.phphathengt-40171338-10451478-4 04/2021 LTI] HOSP 215 - A Rachel has 16.000 cash in the bank, owns debt! Select one O O O LUS @2 $21,000 $32,000 $10,000 d. $11,000 4- S 13 43 X F4 $ W E R 0- 19 D F % 5 valued at $15,000 and has a net worth of $13,000. What is her total 0+ FE T 6 FT 20 FB & 007 N 0 FF 8 3* 710 Y U I ( 9 G H J K B 911 O Next pr 0 W H L
Melody Mouse Trial Balance as at 31 May 2021 Dr. Cr. $ 2$ Purchases 145,870 Returns in 2,350 Returns out 2,175 Sales 374,860 Accounts payables 72,960 Accounts receivables 84,720 Bank 54,780 Capital Carriage in Discounts allowed 110,005 6,540 2,580 Discounts received 3,210 Drawings Rent 45,210 39,540 Insurance 10,270 Furniture and fittings 165,800 Motor Vehicles 254,600 Allowance for depreciation - Furniture and fittings Allowance for depreciation Motor Vehicles Provision for doubtful debts 74,520 125,900 940 Opening Inventory Loan 35,480 110,400 Telephone Water rates 14,870 12,360 874,970 874,970 The following items should be taken into consideration: i) Closing Inventory at 31 May 2021 was $41,050 ii) An amount of $1,950 was prepaid for insurance. This has not yet been accounted for. iii) A water expense accrual of $850 has not yet been accounted for. iv) Depreciation for the year should be applied at the following rates: Furniture and fittings Reducing Balance Straight Line 15% Motor…
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aleb and Elsie are in partnership sharing profits and losses in the ratio 2/3: 1/3, respectively. The following is their trial balance as at 31 December 2015. Dr GH¢ 160,000 8,200 Cr GH¢ Buildings (cost GH¢210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors / Creditors Cash at bank Stock at 31 December 2014 Purchases / Sales Carriage outwards Discounts allowed Loan interest: Martin Office expenses Salaries and wages 4,200 26,590 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 363,111 Bad debts Provision for doubtful debts Loan from Martin Capitals: Caleb Elsie 1,400 65,000 100,000 75,000 4,100 1,200 Current accounts: Caleb Elsie
Denise's Kindle fo < Back Fit to Windc Exercises Ell.1 (LO 1), AP C.S. Lewis Company had these transactions involving notes payable. July 1, 2022 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Instructions Prepare journal entries for each of the transactions. El1.2 (LO 1), AP On June 1, Merando Company borrows $90,000 from First Bank on a 6-month, $90,000,