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Q3. In December31, 2022 the accountant discovered the following information:

1. Supplies purchased during the year and recorded as an assets were 20,000. As the Physical counting indicated that end of period supplies were 5,000.
2. Cash received for 5,000 during the year against services not yet provided to the clients and recorded as earned revenues.
3. Salaries for 25,000 incurred in the year but unpaid and unrecorded.
4. Revenues for 50,000 earned in the year but uncollected and unrecorded.
5. The annual Depreciation expenses for 10,000 unrecorded.

Required: Pass the required Adjusting Entries for the above Information.

Answer:

Q4. Below Is The Adjusted Trail Balance For ABC Corporation As of December 31 2022:

Items	Debit	Credit
Cash	1,000,000
Accounts Receivable	5,000,000
Supplies	100,000
Equipment	1,000,000
Accumulated Depreciation Equipment		200,000
Accounts Payable		100,000
Notes Payable		500,000
Unearned Revenues		100,000
Common Stock		4,600,000
Retained Earnings		300,000
Dividends	100,000
Sales		10,000,000
Salaries Expenses	1,000,000
Rent Expenses	500,000
Cost Of Goods Sold	7,000,000
Depreciation Expenses	100,000
Total	15,800,000	15,800,000

Required: Prepare the Following Statements

1. Income Statement
2. Retained Earnings Statement
3. Balance Sheet Statement