Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Hi there, please answer the full question below, full question!!! and do not write by hands, please type the answers. Thank you! P3-8 Preparing and

Hi there, please answer the full question below, full question!!! and do not write by hands, please type the answers. Thank you!

image text in transcribed

P3-8 Preparing and posting adjusting journal entries, preparing an adjusted trial balance and financial statements [45-60 min] The trial balance of Lamington Inn at 30 June 2016 and the data needed for the month-end adjustments follow LAMINGTON INN Trial balance as at 30 June 2016 Credit Account Cash Accounts receivable Prepaid insurance Supplies Building Debit 12 100 4 300 2 300 1 100 411000 312 500 950 Accounts payable Salary payable Unearned service revenue Calvasina, beginning capital Calvasina, drawings Service revenue Salary expense Insurance expense Depreciation expense Advertising expense Supplies expense Total 2 400 14 740 2 860 15 600 2 700 830 447 190 $447 190 Adjustment data at 30 June follow: a Prepaid insurance still in effect, $700 b Supplies used during the month, $500 c Depreciation for the month, $1600 d Accrued salary expense, $400 e Unearned service revenue still unearned, $1400 Requirements 1 Journalise the adjusting entries. 2 The unadjusted balances have been entered for you in the general ledger accounts. Post the adjusting entries to the ledger accounts. Prepare the adjusted trial balance. Prepare the income statement, statement of changes in equity and balance sheet for the business for the month ended 30 June 2016 3 4

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