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Marco Ruini is the owner of Ruini Sh.p.k, which is a company that offers consulting services. The company prepares the financial statements at the end

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Marco Ruini is the owner of Ruini Sh.p.k, which is a company that offers consulting services. The company prepares the financial statements at the end of the December and records the adjusting entries on monthly basis. Below you can find the unadjusted Trial Balance as of December 31, 2019 Below you can find a list of the adjusting entries that needs to be recorded. 1. Revenue Accruals for December 31, 2019, amount to S1,500 2. $2,500 of cash receipts originally that clients paid in advance had been camed as of December 31 3. September 1, 2019 for $1,800 the company purchased an insurance policy covering 6 months 4. On the first day of the month company paid the rent for 3 months 5. Supplies on hand are $500 6. The equipment will be used for 10 years. After that the residual value will be 0. 7. First day of August the company signed a Notes payable. The principle is $12.000 and the annual interest rate is 8%. The whole principal and the interest expense will be paid in the first day of February 2020 8. Salaries payable are 50. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of S700 cach per week, and three employees carn $50 cach per week. Assume December 31 is a Tuesday. Employees do not work weekends. All employe worked the last 2 days of December. The salaries are paid on January 10th 2020. 9. $20,000 is the value of the estimated tax for the entire year. Taxes will be paid on March 2020. Please: a. Journalize the above transactions provide also the explanation) b. Prepare the General Ledger c. Prepare the Adjusted Trial Balance Ruinish.p.k d. Prepare the income Statement Unadjusted Trial Balance 31/12/2019 e. Prepare the Owner's Equity Statement f. Prepare the Balance Sheet Account Title Debit 17.030,00 Accounts Receivable Pupid Insurance Prepaid Rent 3.000.00 Office supplies Equipment 0.0000 Accumulated-Depreciation Equipment 29.500.00 Accounts Payable 4.180.00 Notes Payable Interest Payable Income Tax Payable 4.000.00 Uncamed Revenues M. Ruin Capital 25.000.00 Drawings 3,000.00 Service Reves 75.000.00 Travel 5,000.00 2.950.00 Rent Expense 9.900.00 Office Supplies 70 4000 Depreciation Expense 5.500.00 Salaries Expense 30,000.00 Interest Income Tax Exp 12.000.00 Total 12.0 12.00 120 Marco Ruini is the owner of Ruini Sh.p.k, which is a company that offers consulting services. The company prepares the financial statements at the end of the December and records the adjusting entries on monthly basis. Below you can find the unadjusted Trial Balance as of December 31. 2019. Below you can find a list of the adjusting entries that needs to be recorded. 1. Revenue Accruals for December 31, 2019, amount to $1,500 2. $2,500 of cash receipts originally that clients paid in advance had been earned as of December 31. 3. September 1, 2019 for $1,800 the company purchased an insurance policy covering 6 months. 4. On the first day of the month company paid the rent for 3 months. 5. Supplies on hand are $500 6. The equipment will be used for 10 years. After that the residual value will be 0. 7. First day of August the company signed a Notes payable. The principle is $12.000 and the annual interest rate is 8%. The whole principal and the interest expense will be paid in the first day of February 2020 8. Salaries payable are $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of $700 each per week, and three employees earn $50 cach per week. Assume December 31 is a Tuesday. Employees do not work weekends. All employe worked the last 2 days of December. The salaries are paid on January 10th 2020. 9. $20,000 is the value of the estimated tax for the entire year. Taxes will be paid on March 2020. 600 Please: a. Journalize the above transactions (provide also the explanation) b. Prepare the General Ledger c. Prepare the Adjusted Trial Balance Ruini sh.p.k d. Prepare the Income Statement Unadjusted Trial Balance 31/12/2019 e. Prepare the Owner's Equity Statement f. Prepare the Balance Sheet Account Tittle Debit Credit Cash 17,020.00 Accounts Receivable 20.200.00 Prepaid Insurance 900 Prepaid Rent 3,000.00 Office supplies Equipment 60,000.00 Accumulated-Depreciation: Equipment 29,500.00 Accounts Payable 4.180.00 Notes Payable 12.000,00 Interest Payable 320 Income Tax Payable 4.000.00 Uncamned Revenues 26,000.00 M. Ruini Capital 25,000.00 Drawings 3,000.00 Service Revenues 75,000.00 Travel Expense 5,000.00 Insurance Expense 2,980,00 Rent Expense 9,900.00 Office Supplies Expense 780 Utilities Expense 4,800.00 Depreciation Expense 5,500.00 Salaries Expense 30,000.00 Interest Expense 320 Income Tax Expense 12,000.00 Total 176,000.00 176.000.00

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