Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer( C ) in details. Accounts (OMR) Utilities Expenses 1,600 Supplies 2.400 Capital 300,000 Cash 386,800 Miscellaneous Expenses 2.400 Prepaid Insurance 7,600 Unearned Revenue 10,440

image text in transcribed
image text in transcribed
Answer( C ) in details.
Accounts (OMR) Utilities Expenses 1,600 Supplies 2.400 Capital 300,000 Cash 386,800 Miscellaneous Expenses 2.400 Prepaid Insurance 7,600 Unearned Revenue 10,440 Salarles Expenses 199,000 Account Receivable 28,000 Office Furniture 20,000 Accumulated Depreciation on Office Furniture 5,000 Bank Overdratt 5,800 Account Payable 4,000 Building 68,000 Notes Payable 16,760 Retained Earnings 170,000 Dividends 28,000 Service Revenue 274,000 Repair Expenses 14,200 Drawings 28,000 Additional Information about the business 1. Insurance expense for the year OMR 3,000 2. Salaries accrued but not yet on December 31, OMR 35,000 3. Unearned Revenue at December 31, is OMR 5,000 4. Supplies on hand at 31st December, OMR 1,000 5. Service revenues earned but not yet recorded at 31st December, OMR 2,000 6. Depreciation on office Furniture for the year OMR 2000 From the above information of ZX Company: At 31 dec 2020 A. Prepare the necessary Adjusting Entries on 31st December 2020 B. Prepare the Adjusted Trial Balance. C. Prepare Income Statement, Statement of Owners' Equity and FINANCIAL POSITION

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions