DEBIT CREDIT CASH 100 ACCOUNTS RECEIVABLE 8 SUPPLIES PREPAID INSURANCE 12 EQUIPMENT 35 ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE 4 INTEREST PAYABLE WAGES PAYABLE UNEARNED REVENUE 20 LOAN PAYABLE 100 COMMON STOCK 10 IRETAINED
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- Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Amount of insurance expired (used) is 830. 2. Amount of unexpired (remaining) insurance is 340.DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
- 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…Question The following pre‐adjustment trial balance appeared in the books of Central Perk Furniture Storeat the end of their financial year. IGNORE VAT.Pre‐adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020.Fol. Debit (R) Credit (R)Statement of financial position sectionCapital B1 500 000.00Drawings B2 25 000.00Land and buildings B3 865 000.00Vehicles B4 220 987.00Equipment B5 156 760.00Accumulated depreciation: Equipment(1 April 2019)B6 54 320.00Accumulated Depreciation: Vehicles(1 April 2019)B7 22 580.00Bank B8 22 430.00Debtors Control B9 35 600.00Allowance for Credit Losses‐ 1 April 2019 B10 1 780.25Petty Cash B11 1 378.98Trading inventory (1 April 2019) B12 27 865.43Mortgage Loan B13 287 650.00Creditors Control B14 31 420.00SARS(UIF/SDL/PAYE) B15 23 290.6520 2020Page 6 of 7Fol. Debit (R) Credit (R)Nominal accounts sectionSales N1 1 167 371.07Sales Returns N2 25 340.87Purchases N3 520 389.76Purchases returns N4 76 540.32Service Income N5 10…Prepare the necessary adjusting entries for the year at December 31, 20x2 and reversing entries at January 2, 20x3. Answer in the following format; original entry made, adjusting entry, and reversing entry. 1. The note amounting to P500,000 was received from a customer on October 1, 20x2 with an interest of 12% per annum. Advance interest for one year was collected on the same 2. The Expense-Insurance of P24.000 shown in the unadjusted trial balance represents date and credited to Income Interest. premium for one year beginning March 1, 201x2. 3. Office supplies in the amount of P12,000 was purchased on January 2, 20x2 and debited to Expense-Office Supplies Unused office supplies at December 31, 20x2 amounted to P2,500 4. The Expense-Rent for P90,000 is advance payment for six months beginning June 16, 20x2 5. The Interest Income of P24,000 was received on August 1, 20x2 from an issuer for a one year note of P240.000 at 10% per annum 6. The Note Payable for P1,000,000 is a loan…
- What is the double-entry for each of the following transactions and adjustments inCompany X in the accounting year ending 31 December 2018: Required:(a) The sale of goods on 1 November 2018 on credit for £12,300. These goodscost £7,000(b) Rent of £6,000 paid on 1 December 2018 for the three months ended 28February 2019(c) Electricity of £600 for the three months ended 31 January 2019 invoiced toCompany X on 5 February 2019Port Realty End-of-Period Spreadsheet For the Year Ended May 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 3,030 3,030 Accounts Receivable 7,000 (e) 1,000 8,000 Notes Receivable 5,400 5,400 Supplies 1,270 (a) 890 380 Prepaid Insurance 620 (b) 315 305 Office Equipment 57,850 57,850 Accum. Depreciation 9,300 (c) 4,550 13,850 Accounts Payable 925 925 Unearned Fees 1,250 (f) 500 750 Wages Payable (d)…Port Realty End-of-Period Spreadsheet For the Year Ended May 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 3,030 3,030 Accounts Receivable 7,000 (e) 1,000 8,000 Notes Receivable 5,400 5,400 Supplies 1,270 (a) 890 380 Prepaid Insurance 620 (b) 315 305 Office Equipment 57,850 57,850 Accum. Depreciation 9,300 (c) 4,550 13,850 Accounts Payable 925 925 Unearned Fees 1,250 (f) 500 750 Wages Payable (d)…
- E3.10 Analyse adjusted data.LO3, 4, 5 This is a partial adjusted trial balance of Darcy Designs Pty Ltd. DARCY DESIGNS PTY LTDAdjusted trial balance (partial)as at 31 July 2019 No. Account name Debit Credit 110 Supplies $1 500 112 Prepaid insurance 2 400 212 Salaries payable $1 500 213 Service revenue received in advance 1 125 400 Service revenue 3 000 500 Salaries expense 7 300 505 Supplies expense 1 220 515 Insurance expense 800 Required Answer these questions, assuming the year begins on 1 July: If the amount in supplies expense is the 31 July adjusting entry, and $1320 of supplies was purchased in July, what was the balance in supplies on 1 July? If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? If $7500 of salaries was paid in July, what was the balance in…Use the following adjusted trial balance to answer questions 22-25.Cash $ 6,530Accounts Receivable 2,450Prepaid Expenses 880Equipment 18,490Accounts Payable 1,800Loan Payable 10,600Owner’s Equity 12,940Fees Earned 9,750Marketing Expense 1,685Rent Expense 1,960Utilities Expense 345Wages Expense 2,750Totals $35,090 $35,09022. Net income for the period is:A. $9,750B. $6,530C. $3,010D. None of these23. Total assets on the balance sheet will be:A. $35,090B. $28,350C. $9,860D. None of these24. Total liabilities on the balance sheet will be:A. $1,800B. $10,600C. $25,340D. None of these25. Owner’s Equity on the balance sheet will be $12,940.A. TrueB. FalseMarked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31