The following is an adjusted trial balance of Clean Fresh Laundry Centre owned by En. Faizalon December 31, 2022.Clean Fresh Laundry CentreAdjusted trial balance on 31 December 2022b)c)CashAccount receivableSuppliesPrepaid advertisingBuildingsAccumulated depreciation - buildingsAccount payableUnearned service revenueCapital, FaizalDrawingsService revenueSalary expensesBuilding repair expensesEquipment maintenance expensesUtility expensesAdvertising expensesSupply expensesDepreciation expensesDebit RM) Credit (RM)22,4304,8544,70949529,3703,30015,6755,7758,8006,1933,9054,8405,500115,8466,9303,8503,31119,69582,060115,846Required:a)Explain the difference between temporary and permanent accounts, and provide TWO(2) appropriate examples.Prepare related closing entries to close the account on 31 December 2022.Prepare Post-closing trial for Clean Fresh Laundry Centre on 31 December 2022. Mazli opened a business repairing electrical and electronic equipment on 1 August 2021. Thebusiness is registered under the name MZ Enterprise. An accounting clerk appointed duringthe business establishment draws up the business accounting records. The following are theadjusted account balances provided by the accounting clerk as of 31 July 2022.RMCashAccount receivablePrepaid insuranceSuppliesEquipmentAccumulated depreciation - equipmentAccount payableUnearned service revenuea)b)c)d)Utility payableSalaries payableInterest payableNotes payableCapital, MazliDrawingsService RevenueSalary expensesSupplies expensesInterest expensesUtility expenses11,77510,0002,7001,95022,5001,1252,2501,5002252,2501504,50033,0003,50021,0008,2501,275150225Insurance expensesDepreciation expensesRental expensesAdditional information:Notes payable are made in December 2021 and have a maturity of 18 months.1,0501,1251,500Required:Refers to the adjusted balances of accounts above,Prepare the Income Statement of MZ Enterprise for the year ended 31 July 2022.Prepare the Classified Balance Sheet of MZ Enterprise on 31 July 2022.Prepare related closing entriesPost-Closing Trial Balance of MZ Enterprise.

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The following is an adjusted trial balance of Clean Fresh Laundry Centre owned by En. Faizal on December 31, 2022. Clean Fresh Laundry Centre Adjusted trial balance on 31 December 2022 Cash Account receivable Supplies Prepaid advertising Buildings Accumulated depreciation - buildings Account payable Unearned service revenue Capital, Faizal Drawings Service revenue Salary expenses Building repair expenses Equipment maintenance expenses Utility expenses Advertising expenses Supply expenses Depreciation expenses Debit RM) Credit (RM) 22,430 4,854 4,709 495 29,370 3,300 15,675 5,775 8,800 6,193 3,905 4,840 5,500 115,846 6,930 3,850 3,311 19,695 82,060 115,846 Required: a) Explain the difference between temporary and permanent accounts, and provide TWO (2) appropriate examples. b) Prepare related closing entries to close the account on 31 December 2022. c) Prepare Post-closing trial for Clean Fresh Laundry Centre on 31 December 2022.

The following is an adjusted trial balance of Clean Fresh Laundry Centre owned by En. Faizal on December 31, 2022. Clean Fresh Laundry Centre Adjusted trial balance on 31 December 2022 Cash Account receivable Supplies Prepaid advertising Buildings Accumulated depreciation - buildings Account payable Unearned service revenue Capital, Faizal Drawings Service revenue Salary expenses Building repair expenses Equipment maintenance expenses Utility expenses Advertising expenses Supply expenses Depreciation expenses Debit RM) Credit (RM) 22,430 4,854 4,709 495 29,370 3,300 15,675 5,775 8,800 6,193 3,905 4,840 5,500 115,846 6,930 3,850 3,311 19,695 82,060 115,846 Required: a) Explain the difference between temporary and permanent accounts, and provide TWO (2) appropriate examples. b) Prepare related closing entries to close the account on 31 December 2022. c) Prepare Post-closing trial for Clean Fresh Laundry Centre on 31 December 2022.

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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what accounts are needed to be adjusted in this unadjusted trial balance, and try to adjust it
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Here are selected 2022 transactions of Bridgeport Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,500 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $39,300 and had a useful life of 5 years with no salvage value. The computer was sold for $15,400 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $42,900. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Bridgeport Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the…
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Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900…
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