Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Lee trading enterprise as at 31 December 2018 is given below. Credit $ Debit $ 15,000 50,000 25,000 39,500 20,000 32,000

image text in transcribed

The trial balance of Lee trading enterprise as at 31 December 2018 is given below. Credit $ Debit $ 15,000 50,000 25,000 39,500 20,000 32,000 Office equipment Building Delivery van Cash at bank Opening stock Debtors and Creditors Loan from RBC Sales Rent received Interest Returns Purchases Carriage inwards Salary expenses Commission Repairs and maintenance Advertising Capital Total 18,000 40,000 92,000 15,000 7,000 6,300 3,200 4,500 34.000 7,800 21,000 9.200 1.800 300 85.000 263.300 263,300 Additional information at the end of the year: 1. Closing stock was valued at $22,000. 2. Accrued salaries were $2.000, 3. Advertising prepaid was $100. 4. Unearned rent amounted to $2.500 5. Outstanding interest income was $200 Required: Prepare a ten-column worksheet from the above-given details

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

Managerial Accounting

Authors: Ronald W Hilton

7th Edition

0073022853, 978-0073022857

More Books

Students also viewed these Accounting questions

Question

Compare and contrast skills, knowledge, and interests.

Answered: 1 week ago