Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz answer me! The following is the unadjusted Trial Balance of Handy Services as at 30 June 2021. Handy Services Trial Balance (Unadjusted) As at

plz answer me!
image text in transcribed
image text in transcribed
image text in transcribed
The following is the unadjusted Trial Balance of Handy Services as at 30 June 2021. Handy Services Trial Balance (Unadjusted) As at 30 June 2021 Accounts Debits Credits Cash at bank 36,850 Accounts receivable 42,500 Supplies 6.250 Prepaid rent 6,400 Equipment 156,000 Accounts payable 9.750 Unearned revenue 8,000 Capital 166,800 Service revenue 123,500 Wages expense 42,000 Electricity expense 18,050 Totals 308,050 308,050 Required: Prepare the adjusting entries using the following information on 30 June 2021. Choose the account name from the drop-down list. Fill in the monetary value in the boxes under the debit/credit column. Round your answer to the nearest dollar. Do not include $. Do not use comma separators. Do not use negative numbers nor brackets. For example, 123456 would be the correct format. a. The equipment costing $156,000 was purchased on 1 September 2020. The equipment has a useful life of 6 year and a scrap value of $19,200.(2 marks) Date Accounts Debit Credit 30- hun Debit Credit Date Accounts 30- Jun b. According to a stocktake on 30 June 2021, there are $2,500 supplies on hand. (2 marks) Date Accounts Debit Credit 30- Jun C. The prepaid rent balance represents the 8 months' rent (from 1 April 2021) paid on 1 April 2021. (2 marks) Date Accounts Debit Credit 30- Jun d. 40% of the unearned revenue balance has now been earned but not recorded. (2 marks) Date Accounts Debit Credit 30- Jun e Services of $1.200 performed has not been recorded yet. No payment is made by the customer. (2 marks) Date Accounts Debit Credit 30- Jun f There are 3 casual workers who earned a daily wage of $200 each all worked 5 days in June 2021. The wages are not paid or recorded. (2 marks) Date Accounts Debit Credit 30- Jun e 9. The business has earned interest of $300 which is not recorded. (2 marks) Date Accounts Credit 30- Jun Debit

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

Microfinance

Authors: Gianfranco A. Vento, Mario La Torre

4th Edition

1403997896, 9781403997890

More Books

Students also viewed these Accounting questions

Question

Are the hours flexible or set?

Answered: 1 week ago