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I need help with these please. Problem 2 25 Marks The following trial balance and the other information relates to Malta Corporation Ltd at the
I need help with these please.
Problem 2 25 Marks The following trial balance and the other information relates to Malta Corporation Ltd at the end of the company's fiscal year. Credit $47,500 Malta Corporation Ltd TRIAL BALANCE (unadjusted) December 31, 2021 Debit Cash $45,250 Accounts Receivable 33,700 Inventory 41,000 Accounts Payable Supplies 5,500 Equipment 125,000 Accumulated Depreciation - Equipment Notes Payable Unearned Rent Revenue Capital Retained Earnings Rent Revenue Sales Revenue Sales Returns and Allowances 42,800 Cost of Goods Sold 325,400 Utilities Expense 24,000 Salaries and Wages Expense 120,000 762,650 24,000 44,000 9,000 83,000 13,000 1,550 540,600 762.650 The following Adjustments were not recorded throughout the year: 1. Supplies on hand totaled $800. 2. Equipment is depreciated at $400 per month. 3. Interest totalling $6,600 is to be accrued as at December 31. 4. Accrued Salaries Payable $4,000. 5. Rent related to unearned rent revenue of $5,500 was earned. Required: a) Prepare the adjusting entries as of December 31, 2021. (Omit explanations) b) Prepare an adjusted trial balance (in proper form) c) Prepare the Income Statement for December 31, 2021 (5 marks) (10 marks) (10 marks)Step by Step Solution
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