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I need the Answer ASAP. PLEASE Question A (3 Marks) On November 30, 2021, the company's year end, the unadjusted trial balance showed the Prepaid
I need the Answer ASAP. PLEASE
Question A (3 Marks) On November 30, 2021, the company's year end, the unadjusted trial balance showed the Prepaid Rent account with a balance of $15,000. This was paid on September 1, 2021 and represents six months of rent commencing on the same date. REQUIRED: Prepare the annual adjusting journal entry at November 30, 2021. GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Complete on the Excel DATA Sheet Question B (4 Marks) Anne Fusha, the owner of Fusha Galore, reported the following: Total assets, December 31, 2020 ws Total liabilities, December 31, 2020 Net income for the year ended December 31, 2021 Owner drawings for the year ended December 31, 2021 $ 95,000 26,000 27,000 32,500 REQUIRED: Calculate the closing capital balance at December 31, 2021 (show and label your calculation) Question C (3 Marks) The Hobby Shop purchased furniture on January 1, 2021 for $14,400. The furniture will be used for eight years. The company's year-end is March 31, 2021. REQUIRED: Using the straight-line depreciation method, prepare the general journal entry to record the depreciation for the year ending March 31, 2021. GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Complete on the Excel DATA Sheet Question D (2 Marks) Jim Pepper owns a coffee shop called Pepper Company. After closing all revenues and expenses, the Income Summary account had a $43,000 debit balance. REQUIRED: Prepare the general journal entry to close the Income Summary account at the year-end December 31, 2021. DEBIT CREDIT DATE ACCOUNT TITLES AND EXPLANATIONStep by Step Solution
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