Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELLO I need the answer with explanation and steps please!!! Case 3: The following is the adjusted trial balance, which prepared at June 30,2020 for

HELLO

I need the answer with explanation and steps please!!!

image text in transcribedimage text in transcribed

Case 3: The following is the adjusted trial balance, which prepared at June 30,2020 for Almeer Est. Almeer Est. Adjusted trial balance June 30, 2020 Debit Credit Account Title (BD) (BD) Cash 20,500 Accounts Receivable 3,500 Equipment 8,600 700 Supplies Unearned Revenue 3,460 Capital 31,800 Almeer Est. Drawings 850 Revenue 6,850 Salaries Expense 3,850 1,730 Rent Expense Utilities Expense 2,380 Totals 42,110 42,110 1- CLOSING ENTRIES Date Explanation PR Debit (BD) Credit (BD) 6,850 June 30, 2020 Income summary Revenue 6,850 7,950 3,850 June 30, 2020 Income Summary Salaries Expense Rent Expense Utilities Expense 1,730 2,380 Capital Net Profit 1,300 June 30, 2020 Income Summary 1,300 800 June 30, 2020 Capital Drawings 800 Required: 1. Find the mistake of the Closing entries. 2. Prepare the closing entries again for the period ended 31 March 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions