Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how can i do the undjusting trial balance and adjusting trail balance and retaned earning statement and statment of finacial posation and incom statment and

image text in transcribed
how can i do the undjusting trial balance and adjusting trail balance and retaned earning statement and statment of finacial posation and incom statment and ledger account and general journal
Principles of Financial Accounting - ACCT 101 Case Study Applying the accounting cycle A&K Automotive On October 2019, Ahmad began a car repair shop, A&K Automotive. The following information about transactions from October to December 2019 Transactions: Oct 1, Ahmad invested $100,000 cash to the business in exchange for capital. 1. Nov 5, Purchased land to be used in operations for $40,000 cash. 2. Nov 10, Purchased $24,000 of equipment paying cash 3. Dec 1, Paid $9,000 for a 9-month insurance policy starting on December 1. 4. Dec 4, Borrowed $60,000 from the bank for business use. Sarah signed a note payable to the bank in the name of the business. 5. Dec 8, Purchased office supplies on account, $6,000. 6. Dec 30, Revenues earned during December included $41,000 cash and $5,400 on account 7. The business received a bill for utilities to be paid in January, $520. 8. Paid employees' salaries $9,600 and building rent $1,600, Record as a compound entry 9. The business received $4,880 for services to be performed next month. 10. A&K Automotive paid dividends of $8,000 cash, Additional information: Office Supplies used during the month, S1,200. Depreciation for the year $4,800. One-month insurance has expired. Accrued Interest Expense, $150

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

Accounting What the Numbers Mean

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,

9th Edition

978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062

More Books

Students also viewed these Accounting questions

Question

Tax Research Read and summarize TAM 201837014

Answered: 1 week ago