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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!
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 4Step by Step Solution
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