Two years ago, Steely Bap founded Bap Classified Ads. The companys accountant, Flap resigned suddenly and Bap remembers that you took an accounting course while in college and comes to you for assistance in completing the monthly financial statements. Flap had posted the adjusting entries (a) through to (g) to the accounts at December 31, 2018 as highlighted in the following balance sheet, income and expenses account in T-account form: Accounts Receivables Supplies 227,000 12,000 (a) 6,000 (e) 8,000 Prepaid Insurance Unearned service revenue 140,000 (f) 120,000 (g) 20,000 30,000 Accumulated Depreciation - Equipment Accumulated Depreciation- Building 40,000 216,000 (b) 20,000 (c) 76,800 Salary Payable Service Revenue (d) 9,000 650,000 (e) 8,000 (g) 20,000 Salary Expense Supplies Expense 282,000 (a) 6,000 (d) 9,000 Depreciation Expense - Equipment Depreciation Expense - Building (b) 20,000 (c) 76,800 Insurance Expense (f) 120,000 The company also provided the following balances extracted from its general ledger at December 31, 2018: Cash 350,000 Equipment 200,000 Building 600,000 Bap, capital 1,085,000 Bap, drawing 150,000 Utilities Expense 45,000 Travelling Expense 15,000 Requirements: 1. Recreate the adjusting journal entries relating to transactions (a) to (g) above and use a narration to support each entry. 2. Post the adjusting entries to the relevant T-accounts and balance the accounts to show the ending balance for each. 3. Prepare the adjusted trial balance at December 31, 2018. 4. Prepare the companys Income statement for the year ended December 31, 2018. 5. Prepare the companys statement of owners equity for the year ended December 31, 2018. 6. Prepare the companys Balance Sheet as at December 31, 2018.

Accounting

Insurance Expense 120,000 The company also provided the following balances extracted from its' general ledger at December 31, 2018: Cash 350,000 Equipment 200,000 Building 600,000 Bap, capital 1,085,000 Bap, drawing 150,000 Utilities Expense 45,000 Travelling Expense 15,000 Requirements: 1. Recreate the adjusting journal entries relating to transactions (a) to (g) above and use a narration to support each entry. 2. Post the adjusting entries to the relevant T-accounts and balance the accounts to show the ending balance for each. 3. Prepare the adjusted trial balance at December 31, 2018 4. Prepare the company's Income statement for the year ended December 31, 2018 5. Prepare the company's statement of owner's equity for the year ended December 31 2018. 6. Prepare the company's Balance Sheet as at December 31, 2018. Two years ago, Steely Bap founded Bap Classified Ads. The company's accountant, Flap resigned suddenly and Bap remembers that you took an accounting course while in college and comes to you for assistance in completing the monthly financial statements. Flap had posted the adjusting entries (a) through to (9) to the accounts at December 31, 2018 as highlighted in the following balance sheet, income and expenses account in T-account form: Accounts Receivables 227,000 8,000 Supplies 12,000 (a) 6,000 le) Prepaid Insurance 140,000 40 000 (f) 120,000 (g) Unearned service revenue 20,000 - 30,000 Accumulated Depreciation - Equipment 40,000 20.000 Accumulated Depreciation - Building 216,000 76,800 Service Revenue Salary Payable (d) 9,000 650,000 8,000 20,000 Salary Expense 282,000 9,000 Supplies Expense 6,000 (a) (d) Depreciation Expense - Equipment (b) 20,000 Depreciation Expense - Building 76,800 (c)