Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance of AL Marai Company as of December 31, 2019, contains the following. [7 Points] Account title Amount(Debit) Amount(Credit) Cash 19,470 -

  1. The adjusted trial balance of AL Marai Company as of December 31, 2019, contains the following. [7 Points]

Account title

Amount(Debit)

Amount(Credit)

Cash

19,470

-

Accounts Receivable

6,922

-

Prepaid rent

2,280

-

Equipment

18,050

-

Accumulated Depreciation

-

4,895

Notes Payable

-

5,700

Accounts Payable

-

5,472

Common Stock

-

20,000

Retained Earnings

-

11,310

Dividends

3.000

-

Service Revenue

11,590

Salaries Expense

6,840

Rent Expense

2, 260

-

Depreciation Expense

145

-

Interest Expense

83

-

Interest Payable

83

Total

59,050

59,050

Instructions:

Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet after taking the following adjustments.

  1. Unpaid salaries SR 2,160
  2. Accrued service revenue SR 3, 410
  3. Prepaid rent SR 260

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

Dare To Be Different An Auditors Personal Guide To Excellence

Authors: Daniel Clark

1st Edition

1490772405, 978-1490772400

More Books

Students also viewed these Accounting questions

Question

what a contra asset & contra revenue account are + examples.

Answered: 1 week ago