Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ques 10: (15pts) Competency: Treatment of bills a.) Adam is a police inspector, serving the Quebec Province. He received his monthly bill for Electricity and

image text in transcribed
Ques 10: (15pts) Competency: Treatment of bills a.) Adam is a police inspector, serving the Quebec Province. He received his monthly bill for Electricity and water $70 from Hydro Quebec for the month of 10th June 2020. But, due to emergency case he went out of province on 25 the June 2020.and forgets to clear his bill. He returned from his work on 7th July and cleared his dues on 8th July 2020. Record the entries on 10th June as well as on 8th July. (3pts) b.) Lisa is working as wedding planner in Montreal. She signed a contract for the wedding day S4000 in total. In order, to comply with the demands of her customers, she was running shortage of finance so, she asked for some advance so that she can order some stuff online for the wedding day. The wedding day is on 7th September 2021. Her client made an advance payment for 20% on 10th July 2021 and the rest was promised to be paid on D-day. Record the Journal entries on 10/07/2021, 7/09/2021. (hint: total 3 entries) (6pts) c.) Prepare the Income statement for ABC.Inc for the month ended March 31, 2021. 6pts) Amount (S) Utilities Expense Catering Revenue Consultation Revenue 2000 Salaries Expense 1500 Repairs Expense Office supplies Uncarned Revenue 2000 Supplies Expense Telephone bill Payable 150 Gas Expense Prepaid Rent Insurance Expense Rent Expense Accounts SOO 6000 130 1800 550 100 550 100 300

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

Governmental Accounting Auditing And Financial Reporting

Authors: Stephen J. Gauthier

1st Edition

0891252754, 978-0891252757

More Books

Students also viewed these Accounting questions