Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assignment Questions: The unadjusted trial balance columns in the worksheet of Lawn Maintenance Co. are as follows as of 30 June 2023. Lawn Maintenance

image text in transcribed

Assignment Questions: The unadjusted trial balance columns in the worksheet of Lawn Maintenance Co. are as follows as of 30 June 2023. Lawn Maintenance Co. Unadjusted Trial Balance June 30, Current Financial Year Debits Credits Cash 54,800 Account receivable 17,000 Supplies inventory 1,500 Prepaid insurance 3,200 Lawn mowing machines 33,000 Accumulated depreciation: lawn mowing machines 20,000 Machines maintenance expense 7,750 Petrol expense 5,510 Supplies expense 2,150 Salary expense 15,550 Interest expense 1,200 Drawings 1,750 Insurance expense 2,500 Advertisement expense 1,790 Accounts payable 7,400 Income tax payable 2,000 Unearned revenue 4,000 Lawn care service revenue 46,800 Owner's Capital 60,000 Retained earnings 7,500 147,700 147,700 (Note: You can copy this table into Excel) Required: 1) Formulate five adjustments (with special attention to dates and months) and journalise the adjusting entries in Excel. Adjustments must cover a variety of transactions. For example, Depreciation, unearned revenue and an error requiring a correction entry (enter these adjustments in the datasheet only). Your marks depend upon the quality and detail in framing adjustments. 2) Prepare and complete the 10-column worksheet. 3) Prepare the income statement, the statement of changes in owners' equity, and the classified balance sheet. 4) Prepare the closing entries. 5) Calculate the current ratio for the company using formulas. 6) Complete the optional, High-distinction tasks. Prepare a dashboard depicting the financial position or financial performance of the business. The video links given below will be helpful.

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

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions