Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following additional information is available at June 3 0 , 2 0 2 2 :Plant Universe Ltd - Acacia Branch Trial Balance as at
The following additional information is available at June :Plant Universe Ltd Acacia Branch
Trial Balance as at June
tableAC Name,Trial BalanceDRCRCashAccounts receivable,Allowance for bad debt,,Merchandise Inventory,Store Supplies,Prepaid Insurance,Prepaid rent,Furniture and fixtures,Accumulated depreciationFurniture and Fixtures,,Motor Truck,Accumulated depreciation Motor Truck,,Accounts payable,,Salary payable,,Interest payable,,Unearned Sales revenue,,Longterm loan,,
i Store Supplies on hand at June amounted to $
ii Insurance of $ was paid on April for menths to December
iii Rent was prepaid on March for months to September
iv The fumiture and fixtures have an estimated useful life of years and is being
depreciated on the straightline method down to a residual value of $
v The motor truck was acquired on February and is being depreciated
over years on the dowbledeclining balance method of depreciation, down to
a residue of $
vi Salaries earned by employees not yet paid amounted to $ at June
vii Accrued interest expense as of June $
viii On June $ of the previously uncamed sales revenue had been camed.
ix The aging of the Accounts Receivable schedule at June indicated that the
Allowance for Bad Debts should be $
x After making all other adjustments, a physical count of inventory was done, which
reveals that there was $ worth of inventory on hand at June
Other data:
xi The business is expected to make principal payments totalling $ towards the
loan during the fiscal ycar to June
Required:
a Prepare the necessary adjusting joumal entries on June
Narrations atre not required
b Prepare the Adjusted Trial balance at June
c Prepare the company's multiplestep income statement for the period ending
June
d Prepare the company's statement of cowner's cquity at June
e Prepare the company's chassified balance sheet at June
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