Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The trial balance of London Limited prior to the month end adjustments was as follows: Adjustment data available on 30 November 20x6: (a) The furniture's
The trial balance of London Limited prior to the month end adjustments was as follows: Adjustment data available on 30 November 20x6: (a) The furniture's expected useful life is five years. No depreciation has been recorded during the year. (b) The $1,200 balance in Unearned service revenue shown above is related to an advance payment from a customer on 1 November 20x6. At 30 November 206,$1,000 service was earned. (c) A physical count reveals $1,000 of supplies on hand at 30 November 20x6. (d) Utilities bill $800 for Nov 20x6 was received and will be paid in Dec 20x6. Requirements 1. Prepare the adjusting entries for items (a) to (d). 2. Prepared an Income statement for the year ended 30 November 206. 3. Prepared a Statement of changes in equity for the year ended 30 November 20x6. 4. Prepared a Statement of financial position as at 30 November 206
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