Following information is based on ABC business for the month of April 2020: Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense 4,000, Advertising expense 3,000, Equipment 5,000, Notes payable 8,000, Unearned fees = ? Analysis reveals the following additional data pertaining to these accounts: a) Insurance expired for the month 1500 b) Depreciation on the equipment is 1,000 per month. c) Interest of 100/- is accrued on notes payable. d) On third of unearned was earned. e) Lawn services rendered but not billed to at the end of month amounted 1,500 Required: a. Find missing figure b. Prepare corrected trial balance with suitable heading c. Prepare adjusting entries for the month of April 2020
Following information is based on ABC business for the month of April 2020: Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense 4,000, Advertising expense 3,000, Equipment 5,000, Notes payable 8,000, Unearned fees = ? Analysis reveals the following additional data pertaining to these accounts: a) Insurance expired for the month 1500 b) Depreciation on the equipment is 1,000 per month. c) Interest of 100/- is accrued on notes payable. d) On third of unearned was earned. e) Lawn services rendered but not billed to at the end of month amounted 1,500 Required: a. Find missing figure b. Prepare corrected trial balance with suitable heading c. Prepare adjusting entries for the month of April 2020
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 10P: Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any...
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Following information is based on ABC business for the month of April 2020:
Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense
4,000, Advertising expense 3,000, Equipment 5,000, Notes payable 8,000, Unearned fees = ?
Analysis reveals the following additional data pertaining to these accounts:
a) Insurance expired for the month 1500
b)
c) Interest of 100/- is accrued on notes payable.
d) On third of unearned was earned.
e) Lawn services rendered but not billed to at the end of month amounted 1,500
Required: a. Find missing figure b. Prepare corrected
c. Prepare
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