Question 3

The Al Arqam Group's financial statement has been prepared using the adjusted trial balance provided below. The below Table 1 included the adjusted trial balance are assigned to the financial statements that they belong to. The income statement lists all of the company's revenues as well as the expenses incurred to obtain those revenues. The accounts for assets, liabilities, and owners' equity are all taken into consideration.

Account Title Trial Balance Adjustments Adjusted Trial Balance Dr Cr Dr Cr Dr Cr Cash 31,950 31,950 Account Receivable 19,200 19,200 Supplies on hand 4,200 1,500 2,700 Prepaid insurance 7,200 600 6,600 Prepaid rent 56,550 1,200 55,350 Account payable 9,390 9,390 Fixed assets 63,450 63,450 Accumulated depreciation 2,250 2,250 Sale received in advance 13,500 6,300 7,200 Capital 150,000 150,000 Dividends 9,000 9,000 Sales 32,100 9,300 41,400 Advertising expenses 150 150 Gas and oil expenses 2,040 2,040 Salaries expenses 10,800 540 11,340 Utilities expenses 450 450 Insurance expense 600 600 Rent expense 1,200 1,200 Supplies expense 1,500 1,500 Depreciation 2,250 2,250 Salaries payable 540 540 Unbilled Sales 3,000 3,000 Total 204,990 204,990 15,390 15,390 210,780 210,780