Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

prepare an adjusted trial balance REQUIRED: Balance day adjustments for the following: a. Stock take indicates the inventory balance should be $1,412,000 b. Salaries and

prepare an adjusted trial balance

REQUIRED:

Balance day adjustments for the following:

a. Stock take indicates the inventory balance should be $1,412,000

b. Salaries and Wages due but not yet paid, $8,000

c. Depreciation not yet recorded for the year for Furniture & Fittings $54,000

d. Bad debts of $14,000 to be written off (by the indirect method)

e. Allowance for bad debts to be 5% of accounts receivable (also indirect)

Part

image text in transcribed
b. Prepare an adjusted Trial Balance - 10 marks Trial Balance of Tombstone Pty Ltd DR CR $ 000 $ 000 Sales 6,324 Inventory 1,422 Furniture and Fittings 570 Accumulated Depreciation - Furniture and 72 Fittings Accounts Receivable 414 Allowance for Bad Debts 18 Accounts Payable Bot Cash at Bank 1,476 Share Capital 809 Bank Loan 400 Cost of Goods Sold 3,522 Advertising 42 Salaries & Wages 366 Interest Expense 18 Total 7,830 7,830

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

Financial Accounting

Authors: Carl Warren

13th Edition

1133607616, 978-1133607618

More Books

Students also viewed these Accounting questions

Question

1. To generate a discussion on the concept of roles

Answered: 1 week ago

Question

6. What information processes operate in communication situations?

Answered: 1 week ago