Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me on this assignment, it's worth 20% on my final grade. I appreciated your efforts. Thanks! 2. List and explain the four types

image text in transcribedPlease help me on this assignment, it's worth 20% on my final grade.
I appreciated your efforts. Thanks!
2. List and explain the four types of adjustments. 3. Please prepare the adjusting entries for the following transactions during June a) Salaries of R.O. 8,000 are accrued at the end of the month. b) R.O. 3,520 of unearned revenue is recognized for services performed during June. c) The insurance expired for the month on June 30 (Insurance of RO. 48.000 was prepaid for 4- years on June 1) d) On June 30, a bill of R.O. 3,600 was sent to customers for services provided. e) A utility bill of R.O. 8,150 for June was received but will not be paid until next month. Supplies on hand at June 30 are RO. 1,500 (June 1 balance was R.O, 6,500) g) Equipment depreciates at R O. 3,400 per year. 4. The following information relates to Al Habsi Co. for the year 2014. Retained earnings, January 1, 2014 R.O. 75,000 Advertising expense R.0.11,500 10,500 26,000 Rent expense Dividends 125,500 36,000 Service revenue Salaries and wages expense 3,500 Utilities expense Instructions Please prepare an income statement and a retained earnings statement for the year ending December 31, 2014

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

Organizational Network Analysis Auditing Intangible Resources

Authors: Anna Ujwary-Gil

1st Edition

1032085215, 978-1032085210

More Books

Students also viewed these Accounting questions

Question

Why could the Robert Bosch approach make sense to the company?

Answered: 1 week ago