Question
hi, l would appreciate it if you could help me with the following general ledgers. Joe Dadi has a company and needs to record the
hi, l would appreciate it if you could help me with the following general ledgers. Joe Dadi has a company and needs to record the following transactions during the month.
the trial balance consists of the following accounts. cash $3200, account receivable $7900, prepaid insurance $6420, supplies $8500, equipment $10,000. accumulated equipment depreciation $2000, account payable $6000, unearned revenue $4950, capital $68435, drawings $8100, service revenue $75,545, salaries expense $105,200, phone expense $2000, rent expense $5610. the transactions were completed #1 received $600 cash from a customer for future services. #2 billed a customer $1500, #3 paid employees salary of $1500, # 4 paid telephone bill of $500, #5 borrowed $20,000 from the bank on October 1st by signing a three year 10& note payable , #6 paid rent of $600, #7 received $2500 from customer on account #8 received $6000 cash for services performed #9 purchase supplies for $1500, #10 paid creditors $2500 on account, #11 joe wrote a cheque for cash to himself for $2000
;the following adjustment data was available #a supplies on hand at oct 31 $2000. #b accrued salaries for October total $900, #c the equipment has an expected useful life of 5 years, #d unearned revenue as of October 31, is $3000, #e interest is payable on the first of each month, #f the balance in the prepaid insurance account was $1000
the instructions as follows
prepare the unadjusted trial balance, adjustments, and the final adjusted trial balance, income statement, and balance in the worksheet after all of the transactions have been recorded. and include post closing entries, income statement, statement of owner' s equity, and classified balance sheet. Thanks, this is very helpful.
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