Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you give the following information to the company of joy: 1. On 9/1/2021, Al-Farah Company had stationery worth 2000 dinars, and on 12/31/2021 The

If you give the following information to the company of joy:

1. On 9/1/2021, Al-Farah Company had stationery worth 2000 dinars, and on 12/31/2021

The remaining stationery was worth 1300 dinars.

2. Insurance worth 2,400 dinars for one year, starting 9/1/2021. 3. Equipment was purchased on 1/1/2021 with a value of 12600 dinars, with a scrap value of 600 dinars and a useful life

6 years.

4. The company implemented services worth 1,000 dinars out of the value of the unearned revenues.

5. Services worth 600 dinars were provided, which have not yet been received or registered.

6. Workers wages accrued on 12/31/2021, amounting to 650 dinars, which were not recorded or paid. 7. On 10/1/2021, Al-Farah Company obtained a loan from the bank in the amount of 40,000 dinars for a period of 120

day at 12% interest.

Required:

Prepare inventory reconciliation entries on 12/31/2021.

i need to make the Adjusting Entries

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

Audits Of 401k Plans

Authors: Deloitte And Touche

2nd Edition

1119722039, 978-1119722038

More Books

Students also viewed these Accounting questions

Question

Why might a business maintain control accounts?

Answered: 1 week ago