Table Q3 : Trial Balance as at 31 December 2017 Carissa Valuation Service Company Trial Balance December 31, 2017 Debit Balances 7,400 19,300 Credit Balanees Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation – Equipment Accounts Payable Unearned Revenue Capital, Carissa Withdrawals, Carissa Service Revenue Salaries Expense Advertising Expense Total 2,700 1,100 20,000 4,000 3,100 2,600 40,100 9,900 15,400 3,400 1,400 65,200 65,200 The data needed to determine year-end adjustments are as follows: On December 15, Carissa contracted to perform services for a client receiving RM2,600 in advance. Carissa recorded this receipt of cash as Unearned Revenue. As of December 31, Carissa has completed RM1,200 of the services. • Carissa prepaid two months of rent on December 1. • Carissa used RM650 of office supplies during the month. • Depreciation for the equipment is RM500. • Carissa received a bill for December's online advertising, RM600. Carissa will not pay the bill until January (Use Accounts Payable.) Carissa pays its employees weekly on Monday for the previous week’s wages. Its employees earn RM5,500 for a five-day workweek. December 31 falls on Wednesday this year. • On October 1, Carissa agreed to provide a four-month air system cheque (beginning October 1) for a customer for RM2,800. Carissa has completed the system cheque every month, but payment has not yet been reçeived and no entries have been made. (a) Distinguish the journal entries for the above adjustments. (b) Prepare an adjusted trial balance for Carissa Valuation Service Company as at December 31, 2017.
Table Q3 : Trial Balance as at 31 December 2017 Carissa Valuation Service Company Trial Balance December 31, 2017 Debit Balances 7,400 19,300 Credit Balanees Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation – Equipment Accounts Payable Unearned Revenue Capital, Carissa Withdrawals, Carissa Service Revenue Salaries Expense Advertising Expense Total 2,700 1,100 20,000 4,000 3,100 2,600 40,100 9,900 15,400 3,400 1,400 65,200 65,200 The data needed to determine year-end adjustments are as follows: On December 15, Carissa contracted to perform services for a client receiving RM2,600 in advance. Carissa recorded this receipt of cash as Unearned Revenue. As of December 31, Carissa has completed RM1,200 of the services. • Carissa prepaid two months of rent on December 1. • Carissa used RM650 of office supplies during the month. • Depreciation for the equipment is RM500. • Carissa received a bill for December's online advertising, RM600. Carissa will not pay the bill until January (Use Accounts Payable.) Carissa pays its employees weekly on Monday for the previous week’s wages. Its employees earn RM5,500 for a five-day workweek. December 31 falls on Wednesday this year. • On October 1, Carissa agreed to provide a four-month air system cheque (beginning October 1) for a customer for RM2,800. Carissa has completed the system cheque every month, but payment has not yet been reçeived and no entries have been made. (a) Distinguish the journal entries for the above adjustments. (b) Prepare an adjusted trial balance for Carissa Valuation Service Company as at December 31, 2017.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Q3) Pls, answer it with clear and simple steps by steps.
Transcribed Image Text:Q3 Table Q3 shows the unadjusted trial balance for Carissa Valuation Service Company for
December 2017.
Table Q3 : Trial Balance as at 31 December 2017
Carissa Valuation Service Company
Trial Balance
December 31, 2017
Debit Balances
Credit Balanees
7,400
19,300
Cash
Accounts Receivable
Prepaid Rent
Office Supplies
Equipment
Accumulated Depreciation – Equipment
Accounts Payable
Unearned Revenue
Capital, Carissa
Withdrawals, Carissa
Service Revenue
Salaries Expense
Advertising Expense
Total
2,700
1,100
20,000
4,000
3,100
2,600
40,100
9,900
15,400
3,400
1,400
65,200
65,200
The data needed to determine year-end adjustments are as follows:
On December 15, Carissa contracted to perform services for a client receiving
RM2,600 in advance. Carissa recorded this receipt of cash as Unearned
Revenue. As of December 31, Carissa has completed RM1,200 of the services.
• Carissa prepaid two months of rent on December 1.
• Carissa used RM650 of office supplies during the month.
Depreciation for the equipment is RM500.
• Carissa received a bill for December's online advertising, RM600, Carissa will
not pay the bill until January (Use Accounts Payable.)
Carissa pays its employees weekly on Monday for the previous week's wages.
Its employees earn RM5,500 for a five-day workweek. December 31 falls on
Wednesday this year.
• On October 1, Carissa agreed to provide a four-month air system cheque
(beginning October 1) for a customer for RM2,800. Carissa has completed the
system cheque every month, but payment has not yet been reçeived and no
entries have been made.
(a) Distinguish the journal entries for the above adjustments.
(b) Prepare an adjusted trial balance for Carissa Valuation Service Company as at
December 31, 2017.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education