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1 hour left plz answer this fast cash Debtors stock Machinery Building Inventory Carriage inward Salaries Expense Auditor Fees Rent Expense Supplies Prepaid Inssurance Total
1 hour left plz answer this fast
cash Debtors stock Machinery Building Inventory Carriage inward Salaries Expense Auditor Fees Rent Expense Supplies Prepaid Inssurance Total Debit $ 17,000.00 30,000.00 140,000.00 400,000.00 700,000.00 300,000.00 2,000.00 18,000.00 10,000.00 8,000.00 2,000.00 3,000.00 1,630,000.00 Bond payble Comission earned Sales Allowance for bad debts Creditors Owner's Equity Retained Earnings Credit $ 100,000.00 3,500.00 500,000.00 1,500.00 25,000.00 800,000.00 200,000.00 Total 1,630,000.00 Adjustment Data: 1. Depreciation for the year on machinery at 10% and building at 15%. 2. INSURANCE expired $ 1000. 3. Rent expense for the year was $ 6000 4. Allowance for bad debts is to be increased by 2% on debtors. 5. 10 % Accrued interest on bond of the year. 6. Closing merchandise inventory was valued $ 65000. Requirement Record the adjusting entries and make adjusted trial balance. Prepare an Income statement for the year ended August 31, 2020. Prepare Balance sheet as on August 31, 2020Step by Step Solution
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