Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

table [ [ table [ [ The following trial balance was ] , [ September 3 0 , 2 0 2 0 ]

\table[[\table[[The following trial balance was],[September 30,2020]],Moseley's,ty as at,],[Sam's Variety,,,],[,,,],[Trial Balance,,,],[September 30,2020,,,],[Cash,$20,430,,],[Accounts Receivable,5,900,,],[Office Supplies,22,800,,],[Prepaid Rent,36,000,,],[Inventory September 30,2019,25,000,,],[Equipment,110,000,,],[Accounts Payable,,$5,200,],[Notes Payable,,20,000,],[Utilities Payable,,3,964,],[Unearned Revenue,,4,000,],[Common Stock,,100,000,],[Sales Revenue,,137,600,],[Wages Expense,38,200,,],[Miscellaneous Expense,3,470,,],[Electricity Expense,2,470,,],[Telephone Expense,1,494,,],[Advertising Expense,5,000,,],[Totals,$270,764,$270,764,]]
Additional information:
A count of the office supplies at September 30,2020 revealed that there was an amt of $3,000 on hand.
The prepaid rent relates to the period June 1,2020 to May 31,2021
The equipment was purchased on April 1,2020 and has an estimated useful life of five years with zero salvage value.
The note payable was issued on October 2,2019 with an interest rate of 10%. Repayment of the principal is $20,000 is due on October 1,2020.
The unearned revenue relates to the period August 1,2020 to December 31,2020.
Included in advertising expense is an amount of $1,000 for a Nation supplement to be run in October 2020.
As at September 30,2020 there was an amount of $5,000 representing wages due to staff.
On September 30,2020, a sales order was shipped, however due to an internet outage the invoice for $4,000 could not be completed on that date.
Required:
Prepare the relevant adjusting journal entries (in General Journal form).
Prepare an accounting worksheet for Sam's Variety at September 30,2020.
Prepare an income statement for the month ended September 30,2020
Prepare a classified balance sheet as at September 30,2020.
Prepare closing entries (in General Journal form)
Prepare a post-closing trial balance.
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

Cost Accounting Principles And Applications

Authors: Horace R. Brock

5th Edition

0070081522, 978-0070081529

More Books

Students also viewed these Accounting questions

Question

5 . Explain in detail how wireless networking works.

Answered: 1 week ago

Question

Explain the concept of shear force and bending moment in beams.

Answered: 1 week ago