The adjusted trial balance for Matusiak OAO is given in E3.17. Instructions Prepare the income and owners
Question:
The adjusted trial balance for Matusiak OAO is given in E3.17.
Instructions
Prepare the income and owner’s equity statements for the year and the statement of financial position at August 31.
E3.17
The trial balances before and after adjustment for Matusiak OAO at the end of its fiscal year are presented below.
Matusiak OAO Trial Balance August 31, 2020 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. €10,400 11,200 Cash €10,400 8,800 2,300 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable 700 4,000 2,500 14,000 14,000 € 3,600 € 4,500 5,800 5,800 1,100 Unearned Rent Revenue 1,500 400 12,600 Share Capital-Ordinary Retained Earnings 12,600 3,000 3,000 Service Revenue 34,000 36,400 Rent Revenue 11,000 12,100 Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 17,000 -0- 18,100 1,600 15,000 1,500 15,000 -0- -0- 900 €71,500 €71,500 €75,900 €75,900
Step by Step Answer:
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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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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