Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show the journal entries and other financial statements. thank you Question Two The unadjusted trial balance of Kings, Inc. at August 31, 20x6 was

please show the journal entries and other financial statements. thank you
image text in transcribed
image text in transcribed
Question Two The unadjusted trial balance of Kings, Inc. at August 31, 20x6 was as follows: Kings, Inc. Trial Balance as at August 31, 20x6 Dr Cr $ 9.200 1,500 2,400 2,200 81,000 Cash Accounts receivable Prepaid rent Supplies Furniture Accumulated depreciation - furniture Accounts payable Share capital Retained earnings Dividends Service revenue Salary expense Utilities expense 3.900 3,500 15,000 71,020 3,600 10,000 3,000 520 103,420 103,420 G cm 78F Sunny a. Adjustment data at August 31, 20x6 include the following: Accrued service revenue at August 31, $2,000. b. Prepaid rent of $2,400 was for the period from 1 August to 31 October 20x6. Adjust prepaid rent expired for the month of August. Supplies used during August, $1,820. d. Depreciation on furniture for the month. The furniture's expected useful life is five years. Accrued salary expense at August 31, $3,120. c. e. Requirements 1. Prepare the adjusting entries for items (a) to (e). 2. Prepared an Income statement for the month ended 31 August 20x6. 3. Prepared a Statement of changes in equity for the month ended 31 August 20x6. 4. Prepared a Statement of financial position as at 31 August 20x6

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

Crypto Investing Practical Guide

Authors: John E. Darwin

1st Edition

979-8358890152

More Books

Students also viewed these Finance questions