your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business 1 Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31st. using the trial balance that you have produced in problem 2/ task1. 2 Make the adjustments entries for the following transactions before preparing the final accounts for LLC company: On the 20th of October 2019, the business purchased supplies for 8000 cash. On 31st of December, 2019 the business found out that the supplies still on hand were 4000 only. The business has a Equipment with book value of 17000, with annual depreciation rate of 10%. On the 1st of July the business purchased a one-year insurance policy for 1500. Prepare the adjusting entry on 31st of December 2019. The employees are paid salaries on the 27th of each month. Prepare the adjusting entry of 4500 of the employees’ salaries that are not yet paid on the 31st of December, 2019. Table 2 Adjusted Trial Balance of the ABC, LLC for the Period ended 31st of December Account Title Dr. Cr. Cash 110000 Accounts Receivable 15000 Supplies 4000 Prepaid Insurance 10000 Equipment 17000 Accumulated depreciation – Equipment 2000 Unearned Service Revenue 9000 Taxes Payable 2000 Salaries payable 2500 Share Capital 110000 Retained Earnings 25000 Dividends 22000 Service Revenue 39500 Insurance expenses 1500 Salaries Expense 4500 Depreciation Expense 2000 Supplies expenses 4000 Total 190000 190000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 1DQ: Number in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post...

See similar textbooks

Related questions

Question

your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business

1 Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31^st. using the trial balance that you have produced in problem 2/ task1.

2 Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:
On the 20^th of October 2019, the business purchased supplies for 8000 cash. On 31^st of December, 2019 the business found out that the supplies still on hand were 4000 only.
The business has a Equipment with book value of 17000, with annual depreciation rate of 10%.
On the 1st of July the business purchased a one-year insurance policy for 1500. Prepare the adjusting entry on 31^st of December 2019.
The employees are paid salaries on the 27^th of each month. Prepare the adjusting entry of 4500 of the employees’ salaries that are not yet paid on the 31^st of December, 2019.

Table 2

Adjusted Trial Balance of the ABC, LLC for the Period ended 31^st of December

Account Title	Dr.	Cr.
Cash	110000
Accounts Receivable	15000
Supplies	4000
Prepaid Insurance	10000
Equipment	17000
Accumulated depreciation – Equipment		2000
Unearned Service Revenue		9000
Taxes Payable		2000
Salaries payable		2500
Share Capital		110000
Retained Earnings		25000
Dividends	22000
Service Revenue		39500
Insurance expenses	1500
Salaries Expense	4500
Depreciation Expense	2000
Supplies expenses	4000
Total	190000	190000

Expert Solution

Step by step

Solved in 2 steps with 7 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Auditing Accounting Estimates & Using the Work of Specialists

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.

Similar questions