Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part 1 Answer the following question Question 1 (40 marks) A- The following working paper shows the unadjusted and the adjusted trial balance for

image text in transcribedimage text in transcribedimage text in transcribed

Part 1 Answer the following question Question 1 (40 marks) A- The following working paper shows the unadjusted and the adjusted trial balance for Farah Company as of December 31, 2019. Unadjusted Trial Balance Adjusted Trial Balance Cash $ 47,640 $ 47,640 Accrued revenue 14,000 Accounts payable Prepaid insurance (Prepayments) Office equipment Accum Depreciation-Office equip. Interest payable (Accruals) 0 84,000 22,000 2,000 84,000 S 14,000 $ 20,000 9,100 9.100 0 1,000 Salaries payable (Accruals) 0 7.000 Long-term notes payable 52,000 52.000 Farah, Capital 40.000 40.000 Farah, Withdrawals 5.000 5.000 Consulting fees eamed (Revenues) 123,240 131.240 Depreciation expense-Office equip. .0 6.000 Salaries expense 67.000 74.000 Interest expense 1.200 2.200 Insurance expense Rent expense Ranuluad, 5000 3.000 14,500 14.500

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

Managerial Accounting

Authors: Susan V. Crosson, Belverd E. Needles

8th Edition

9780618777174, 618777180, 618777172, 978-0618777181

Students also viewed these Accounting questions