Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mahmood's company report the following unadjusted trial balance. Mahmood Company Unadjusted Trial Balance December 31, 2020 Debit Credit Cash 17,500 Accounts receivable 16,000 Office supplies

image text in transcribed
image text in transcribed
Mahmood's company report the following unadjusted trial balance. Mahmood Company Unadjusted Trial Balance December 31, 2020 Debit Credit Cash 17,500 Accounts receivable 16,000 Office supplies 9,000 Prepaid rent 6,500 Office equipment 28,800 Accumulated depreciation Office 3,500 equipment Unearned service fees 24,500 Mahmood, Capital 10,740 Mahmood, Withdrawals 1,500 Fees earned 71.960 Salarios expense 31,400 The following information is provided 1) A physical count of supplies shows that supplies used were $2.500 2) The prepaid rent account represents a prepayment for B-month rent starting from September 1, 2020 3) A careful analysis shows that 1/4 of uneared service fees were oamed by Dec 31, 2020 4)A chiont agreed to pay $3,000 for 60-day consulting services. The first day of service started on December 24, 2020 The following information is provided 1) A physical count of supplies shows that supplies used were $2.500 2) The prepaid rent account represents a prepayment for 3-month rent starting from September 1, 2020 3) A careful analysis shows that 14 of named service foes were cared by Dec 31, 2020 4) A dient agreed to pay $3.900 to 60-day consulting services. The first day of service started on December 26, 2020 Prepare the necessary adjustments for Mahmood's company Please follow the example: EXAMPLE Question: Omice equipment has a useful site of 4 years and no salvage value. It was purchased on October 2018 Depreciation expense has been recorded for the year 2018 recorded in 2020 AL De Dec 7200 Count Detection 7200

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

Cost Benefit Analysis Theory And Application

Authors: Tevfik F. Nas

1st Edition

080397132X, 978-0803971325

More Books

Students also viewed these Accounting questions