Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Solve my issue ABC Financial Services 31 December, 2008 Trail Balance AccountsCashAccountsReceivableSupplyPrepaidRentBuildingAccumulateddepreciation-BuildingAccountspayableUnearnedservicerevenueNotespayableOwnersCapitalOwnersDrawingsServiceRevenuesSalariesexpenseDepreciationexpenseDebit$200,00010,0001,00012,00080,000$5,0002,0008,0002,0005315,0005315,000Credit15,0006,00050,000184,00055,000 Additional Information: 1. Supplies on hand at 31 December 2008 valued $300 2.
Solve my issue
ABC Financial Services 31 December, 2008 Trail Balance AccountsCashAccountsReceivableSupplyPrepaidRentBuildingAccumulateddepreciation-BuildingAccountspayableUnearnedservicerevenueNotespayableOwnersCapitalOwnersDrawingsServiceRevenuesSalariesexpenseDepreciationexpenseDebit$200,00010,0001,00012,00080,000$5,0002,0008,0002,0005315,0005315,000Credit15,0006,00050,000184,00055,000 Additional Information: 1. Supplies on hand at 31 December 2008 valued $300 2. Unearned service revenue $6,000 was received and recorded on 1 July 2008 for 6 months. 3. Notes payable bears 1% per month, which was issued on 1 August, 2008. 4. Prepaid rent was paid $12,000 on 1 April for 2 years and it expires $500 per month. 5. Received cash $2,000 for performed services earlier from one of the customer on the last day of the month and not recorded. Required: I. Journalize the appropriate adjusting entries for the year ended 31 December, 2008. II. Prepare an worksheet for the year ended 31 December,2008. III. Prepare appropriate closing entries.. IV. Prepare a Post closing Trail balance as at 31 December 2008 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