The following unadjusted trial balance was taken from the ledger of Mirandas Management Services on 30 June
Question:
The following unadjusted trial balance was taken from the ledger of Miranda’s Management Services on 30 June 2016.
Account | Debit | Credit | |||
Cash at bank Accounts receivable Prepaid insurance Equipment Accumulated depreciation – equipment Accounts payable Miranda Pike, Capital Miranda Pike, Drawings Service revenue Wages expense Electricity expense Sundry expense | $80 000 74 000 24 000 230 000 50 000 130 000 54 000 26 000 | $60 000 64 000 204 000 340 000 | |||
$668 000 | $668 000 |
Required
A. Prepare a 10-column worksheet using the following additional information on 30 June 2016:
1. Accrued wages, $18 000.
2. Expired insurance, $16 000.
3. Depreciation on equipment, $60 000.
B. Prepare an income statement, a statement of changes in equity and a balance sheet.
C. Record the adjusting and closing entries in the general journal.
Step by Step Answer:
A MIRANDAS MANAGEMENT SERVICES Worksheet for the year ended 30 June 2016 000 Unadjusted trial balance Adjustments Adjusted trial balance Income statement Balance sheet Account title Debit Credit Debit ...View the full answer
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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