Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Samsung Electronics Unadjusted Trial Balance as at 30 June 2023 Debit ($) Credit ($) Cash 25,000 Accounts Receivable 35,000 Inventory 45,000 Equipment 150,000 Accumulated Depreciation
Samsung Electronics
Unadjusted Trial Balance as at 30 June 2023
Debit ($) | Credit ($) | |
Cash | 25,000 | |
Accounts Receivable | 35,000 | |
Inventory | 45,000 | |
Equipment | 150,000 | |
Accumulated Depreciation - Equipment | 50,000 | |
Accounts Payable | 20,000 | |
Notes Payable | 40,000 | |
Common Stock | 100,000 | |
Retained Earnings | 50,000 | |
Sales Revenue | 150,000 | |
Cost of Goods Sold | 90,000 | |
Rent Expense | 10,000 | |
Salaries Expense | 15,000 | |
Total | 420,000 | 420,000 |
Required:
- Prepare the Ledger Accounts for the above unadjusted trial balance.
- Calculate the Adjusted Trial Balance.
- Prepare the Income Statement for the period ended 30 June 2023.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started