Question
4. 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. 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started