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need urgent Question 2: The Adjusted limited started business on 1st January 2018. The following is unadjusted trial balance of Adjusted limited for the three
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Question 2: The Adjusted limited started business on 1st January 2018. The following is unadjusted trial balance of Adjusted limited for the three months ended 31st March 2018. Account Titles (with Chart of Accounts) Debit Credit 101 Cash 16,200 112 Prepaid Insurance 6,000 126 Supplies 2,000 130 Prepaid Rent 3,000 157 Equipment 4,400 201 Accounts Payable 4,700 209 Unearned Service Revenue 4,000 311 Common Stock 20,000 400 Service Revenue 7,900 726 Salaries and Wages Expense 4,000 729 Rent Expense 1,000 36,600 36,600 In addition to those accounts listed on the trial balance, the chart of accounts for Unadjusted limited Company also contains the following accounts and account numbers: No. 158 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, No. 732 Utilities Expense, No. 202 Utilities bill payable, No. 202 salaries and wages payable. Other data: 1. Supplies remaining at 31st March are Rs.1000. 2. A utility bill for Rs.150 has not been recorded and will not be paid until next month. 3. The insurance policy is for 24 months. 4. One third of unearned service revenue is recognized for services performed. 5. Salaries of Rs.3,200 are accrued at 31st March. 6. Rent is prepaid for six months paid on 1st January 2018Step by Step Solution
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