Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rasha's Company is a consulting service firm. The account balances at December 31 2019 are shown below. Rasha's Company Trial Balance December 31, 2019 Debit

image text in transcribed
image text in transcribed
image text in transcribed
Rasha's Company is a consulting service firm. The account balances at December 31 2019 are shown below. Rasha's Company Trial Balance December 31, 2019 Debit Credit Accounts Accounts Receivable 3,500 5,000 Loan 600 Utilities Expense 20,000 Notes Payable 30,000 Equipment Prepaid Rent Expense 1,200 28,700 Cash 35,000 900 Share Capital Ordinary Salaries and Wages Expense Prepaid insurance Expense hearned revenue 1,200 1000 Search There is not enough space to save this document to iCloud. Purchase additional storage or remove some documents from iCloud. Scr 2021-C Notes Payable 20,000 30,000 Equipment Prepaid Rent Expense Scre 2021-07 1,200 Cash 28,700 35,000 900 Share Capital-Ordinary Salaries and Wages Expense Prepaid insurance Expense Unearned revenue 1,200 1,000 Accounts Payable 600 Service Revenue 4,500 Total 66,100 66,100 Other information: Accounting period starts on January, 1 and ends on December, 31 On February 1, Rasha's company paid rent cash of 1,200 in advance for ABC company for one year. On March 1, Rasha's company received 1,000 of cash in advance to provide consultation service for one year. On December 31, it is found that only two-thirds of the service that is related to the unearned revenue account was performed during 4,500 Service Revenue 66. 100 66,100 Total Other information: Accounting period starts on January 1, and ends on December, 31 On February 1, Rasha's company paid rent cash of 1,200 in advance company for one year. On March 1. Rasha's company received 1,000 of cash in advancet consultation service for one year On December 31, it is found that only of the service that is related to the unearned revenue account was perfo 2019 On May Rasha's company paid 1,200 for a one-year insurance pe On March 1, 2019, the company borrowed money from the bank (L company pays interest expenses 10% annually at the beginning of Marc The depreciation expense of equipment is 1,000. Rasha's Company is a consulting service firm. The account balances at December 31 2019 are shown below. Rasha's Company Trial Balance December 31, 2019 Debit Credit Accounts Accounts Receivable 3,500 5,000 Loan 600 Utilities Expense 20,000 Notes Payable 30,000 Equipment Prepaid Rent Expense 1,200 28,700 Cash 35,000 900 Share Capital Ordinary Salaries and Wages Expense Prepaid insurance Expense hearned revenue 1,200 1000 Search There is not enough space to save this document to iCloud. Purchase additional storage or remove some documents from iCloud. Scr 2021-C Notes Payable 20,000 30,000 Equipment Prepaid Rent Expense Scre 2021-07 1,200 Cash 28,700 35,000 900 Share Capital-Ordinary Salaries and Wages Expense Prepaid insurance Expense Unearned revenue 1,200 1,000 Accounts Payable 600 Service Revenue 4,500 Total 66,100 66,100 Other information: Accounting period starts on January, 1 and ends on December, 31 On February 1, Rasha's company paid rent cash of 1,200 in advance for ABC company for one year. On March 1, Rasha's company received 1,000 of cash in advance to provide consultation service for one year. On December 31, it is found that only two-thirds of the service that is related to the unearned revenue account was performed during 4,500 Service Revenue 66. 100 66,100 Total Other information: Accounting period starts on January 1, and ends on December, 31 On February 1, Rasha's company paid rent cash of 1,200 in advance company for one year. On March 1. Rasha's company received 1,000 of cash in advancet consultation service for one year On December 31, it is found that only of the service that is related to the unearned revenue account was perfo 2019 On May Rasha's company paid 1,200 for a one-year insurance pe On March 1, 2019, the company borrowed money from the bank (L company pays interest expenses 10% annually at the beginning of Marc The depreciation expense of equipment is 1,000

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

Accounting Principles Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

9th Canadian Edition

978-1119786818, 1119786819

More Books

Students also viewed these Accounting questions

Question

Explain how HR serves as a strategic business partner.

Answered: 1 week ago

Question

Describe a social audit.

Answered: 1 week ago

Question

Describe ethics training.

Answered: 1 week ago