Question
On 1 July 2016, the following were the account balances of Bulwara Ltd. During July the following summary transactions were completed. July 8 Paid $3000
On 1 July 2016, the following were the account balances of Bulwara Ltd.
During July the following summary transactions were completed.
July | 8 | Paid $3000 for salaries due to employees, of which $2000 is for July and $1000 is for June. |
10 | Received $2000 cash from customers in payment of their accounts. | |
12 | Received $800 cash for services performed in July 2016. | |
15 | Purchased store equipment on account $8000. | |
17 | Purchased supplies on account $3400. | |
24 | Paid accounts payable $2000. | |
24 | Paid July/August rent $800. | |
25 | Paid salaries $3000. | |
27 | Performed services on account and invoiced customers for services provided $2300. | |
27 | Received $1300 from customers for future service. |
Other data:
Supplies on hand are valued at $3200.
Accrued salaries payable are $1000.
Depreciation for the month is $240.
Services have been performed in relation to $600 recorded in Service Revenue Received in Advance.
Please use information in this question to complete adjusting journals, worksheet (see below -supplied) and then financials (including Statement of Profit and Loss, Calculation
of Retained Earnings and Statement of Financial Position) Please help me with this question
Trial Balance Adjustments Adjusted Trial Balance Statement of profit Statement of Financial or loss Position No. Account names Dr $ Cr Dr$ Cr$Dr$ Cr $ 100 Cash 110 Accounts 300 5,900 receivable 120 Supplies 130 Prepaid rent 150 Store equipment 151 Accumulated 5,400 400 28,000 1,000 Depreciation 200Accounts Payable 210 Service RevRec'd 13,600 2,100 in Advance 215Salaries Payable 300 Share Capital 310Retained earnings 400 Service Revenue 510 Depreciation Exp 515 Supplies Expense 520Salaries Expense 525Rent Expense 20,000 5,600 3,100 5,000 400 Loss Totals $45,400 $45,400Step by Step Solution
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