8) Prohibition Ltd. trial balance at December 31, 20207, is shown below. Prepare the closing emtries Prohibition Ltd. Trial Balance December 31, 2020 Debit $16,400 Cash Credit Accounts receivable 2,500 Prepaid insurance 3,400 Prepaid rent 6,500 Supplies 3,700 Equipment 27,500 Accumulated depreciation-equipment $10.200 Furniture 15,000 Accumulated depreciation-fumiture 7,600 Accounts payable 5,400 Salary payable 1,400 Unearned revenue 6.500 Common shares 20,600 Retained earnings 15,800 Dividends 3,000 Fees earned 28,900 Salary expense 4.900 Depreciation expense-equipment 3,800 Depreciation expense-furniture 2,500 Rent expense 4,800 Insurance expense 1,200 Supplies expense 500 Advertising expense 200 $26.400 $96.400

8) Prohibition Ltd. trial balance at December 31, 20207, is shown below. Prepare the closing emtries Prohibition Ltd. Trial Balance December 31, 2020 Debit $16,400 Cash Credit Accounts receivable 2,500 Prepaid insurance 3,400 Prepaid rent 6,500 Supplies 3,700 Equipment 27,500 Accumulated depreciation-equipment $10.200 Furniture 15,000 Accumulated depreciation-fumiture 7,600 Accounts payable 5,400 Salary payable 1,400 Unearned revenue 6.500 Common shares 20,600 Retained earnings 15,800 Dividends 3,000 Fees earned 28,900 Salary expense 4.900 Depreciation expense-equipment 3,800 Depreciation expense-furniture 2,500 Rent expense 4,800 Insurance expense 1,200 Supplies expense 500 Advertising expense 200 $26.400 $96.400

Name: 8) Prohibition Ltd. trial balance at December 31, 20207, is shown bel
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Description: 8) Prohibition Ltd. trial balance at December 31, 20207, is shown below. Prepare the closing emtries.Prohíbition Ltd.Trial BalanceDecember 31, 2020CashDebitCredit$16,400Accounts receivable2,500Prepaid insurance3,400Prepaid rent6,500Supplies3,700Equi

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 5MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at...

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The following is a pre-adjusted Trial balance of Khulumani Pty Ltd (Khulumani) on 28 February 2020 Balance sheet sectionCapital 596 400,00Drawings 130 500,00Land and buildings 600 000,00Equipment 145 000,00Accumulated depreciation (1 March 2020) 33 000,00Fixed deposit: TT Bank (8% p.a) 50 000,00Loan: BTK Bank (16% p.a) 60 000,00Inventory (1 March 2020) 105 330,00Debtors control 51 630,00Creditors control 74 400,00Bank 18 720,00Petty cash 1 500,00Nominal AccountsSales 841 600,00Purchases 408 760,00Sales returns 6 000,00Purchases returns 4 500,00Rent income 80 400,00Interest on fixed deposit 2 000,00Bank charges 2 700,00water & electricity 18 810,00Telephone 5 250,00Insurance 5 850,00Interest on loan 7 250,00Rates and taxes 24 600,00Salaries & wages 84 640,00Consumables stores 10 960,00Advertising 14 800,00 Adjustments and additional information1. Inventory on hand on 28 February 2020 amounted to R91 000. Inventories are measured at cost, on a FIFO method andat net realisable…
The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT.Folio Debit(R) Credit(R)Statement of financial position sectionCapital 400 000Drawings 5 500Land and Buildings 450 000Motor Vehicles 225 000Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000Bank 3 200Debtors control 48 220Trading Inventory 24 640Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts SectionSales 1 200 000Sales Returns 18 800Cost of Sales 800 340Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700Folio Debit(R) Credit(R)Credit Losses 3 500Wages and Salaries 102 380Cleaning Materials 6 300Office consumables 5 400Interest on mortgage loan 2 500Electricity 11 250Rates and services 4 870Fuel 12 300Advertising 50 700Telephone 25 6001 971 000 1 971 000Additional information and adjustments as at 30 September 2019:1. The stock take revealed the following items…
NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service…
How to do the post-adjustment trial balance of Fling Incorporated for the financial year ended 31 December 2021. Motor vehicles50 000 DtAccumulated depreciation on motor vehicles5 000 CrDebtors control45 000 DtBank: one 7 550 DtBank two:650 CrEquipment25 000 DtAccumulated depreciation on equipment2 100 CrCreditors control15 600 CrShare capital3 000 CrRetained earnings31 800 CrRental income13 000 CrInventory: Finished products8 500 DtSale of goods135 000 CrWater and electricity8 800 DtSalaries and wages55 000 CrPrinting and stationery6 300 Cr206 150(206 150) Adjustments:1. Rental income earned monthly amounts to R1 000.2. Printing and stationery on hand as at 31 December 2021 amounted to R800.3. Cleaning expenses of R250 was incorrectly posted to the salaries and wages account.4. Discount of R150 was given to a debtor who…
At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service revenue above had been…
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
The ledger of X Limited contained the following account balances at December 31, 2019, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… …… Balances ($)Cash …… …… …… …… …… …… …… …… …… 7130Accounts Receivable …… …… …… …… …… 23000Inventory …… …… …… …… …… …… …… …… 37000Supplies …… …… …… …… …… …… …… …… 1010Prepaid Rent …… …… …… …… …… …… …… 9410Machinery …… …… …… …… …… …… …… … 23900Accumulated Depreciation-Machinery …… 9980Equipment …… …… …… …… …… …… …… … 62700Accumulated Depreciation-Equipment …… 7530Land …… …… …… …… …… …… …… …… …… 73000Accounts Payable …… …… …… …… …… …… 976015% Debenture …… …… …… …… …… …… … 31000Common Stock ($ 2.5 par value) …… …… … 40000Additional Paid in Capital-Common Stock … 42000Retained Earnings …… …… …… …… …… …… 59400Sales …… …… …… …… …… …… …… …… …… 547200Sales Returns and Allowances …… …… …… 8000Sales Discount …… …… …… …… …… …… …… 3600Salaries Expense …… …… …… …… …… …… … 75500Cost of Goods Sold …… …… …… …… …… …… 385400Loss from employee strike …… ………
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
The Trial Balance of BMR Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($) . . . . ||| . . . . Accounts …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 130000 . . . . ||| . . . . Loss on Sale of Property …. …. …. …. 7680Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. …….…
The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT. (25)Folio Debit(R) Credit(R)Statement of financial position section Capital 400 000Drawings 5 500 Land and Buildings 450 000 Motor Vehicles 225 000 Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000 Bank 3 200Debtors control 48 220 Trading Inventory 24 640 Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts Section Sales 1 200 000Sales Returns 18 800 Cost of Sales 800 340 Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700 20 2020© The Independent Institute of Education (Pty) Ltd 2020 Page 4 of 14Folio Debit(R) Credit(R)Credit Losses 3 500 Wages and Salaries 102 380 Cleaning Materials 6 300 Office consumables 5 400 Interest on mortgage loan 2 500 Electricity 11 250 Rates and services 4 870 Fuel 12 300 Advertising 50 700 Telephone 25 600 1 971 000 1 971…