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Prepare a Classified Balance Sheet for the transaction given below Be careful if any mistakes in the transaction fix it, and check the equality for
Prepare a Classified Balance Sheet for the transaction given below
Be careful if any mistakes in the transaction fix it, and check the equality for debit and credit if it is not equal, then fix it.
Intel Inc. completed the following transactions during December 2020: | |
No. | Items |
1 | On December 1, Intel Inc. Received 80.000 TL cash from stockholders. |
2 | On December 5, Intel Inc. Purchased gaming mainboard stand to storage gaming headpones for 20.000 TL. |
3 | On December 8, Intel Inc. Prepaid twelve months's office rent of 5.000 TL for each month. (5.000 TL per month) |
4 | On December 11, Intel Inc. Purchased 10 gaming mainboard from Asus for 10.000 TL on credit 1/10, n/30. |
5 | On December 13, Intel Inc. Sold 5 gaming headpones to a local computer store for 10.000 TL on credit 2/10, n/30. |
6 | On December 17, Intel Inc. Received returned 1.000 TL worth mainboard from the local store of the December 13 sale. |
7 | On December 19, Intel Inc. Returned the mainboard of 500 TL back to Asus for broken product. |
8 | On December 21, Intel Inc. Purchased 2 pcs. of mainboard worth 2.000 TL and other 2pcs. mainboard worth 5.000 TL from MSI Inc. n/45. |
9 | On December 22, Intel Inc. Received 8.820 TL from local computer store. |
10 | On December 27, Intel Inc. Sold 2 pcs. of mainboard to MSI Inc. on credit n/45. |
11 | On December 28, Intel Inc. Paid cash of 9.405 TL to Asus. |
12 | On December 29, Intel Inc. Paid cash of 7.000 TL to MSI Inc. |
13 | On December 30, Intel Inc Incurred 15.500 TL to Office Cleaning Service, Delivery Expense,Bill Expenses, and Salary Expenses. |
The data developed for the December 31 adjusting entries are as follows: | |
No. | Items |
a | Outstanding electricity charges - $500 |
b | 1 pcs. of headphone broken, hence its worthless |
c | Intel Inc. deprecation at the rate of 10% on declining balance method on the equipment purchased. |
d | Intel Inc. gave a loan of 10.000 TL to Tiger Inc. Interest accrued on the loan 85 TL. |
e | Rent of 5.000 TL pertains to next month. |
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