Step 1: Type your student number to get your allocated question (trial Balance) Step 2: Journalise the adjustment transactions (adjustments sheet)
Step 3: post adjusting journal entries and complete the Worksheet Step 4: Create the Income Statements from the completed Worksheet Step 5: Journalise the closing entries
Step 6: Create the changes in Equity and Balance sheet from the completed Worksheet
Step 7: Answer the following questions considering proper referencing;
- What is a trial balance, why do we create it?
- What are adjustment journal entries? Why do we record the adjustment journal entries?
- What is the purpose of writing an adjusted Trial balance?
- How adjustment journal entries are different from the closing journal
entries?
*** The report should be in just one word format file and total number of words including numbers should be 2000 words and proper referencing.
*** Penalty will be applied to late submission or high similarity rate
assignments
| Paul services Trial Balance As At 30 June 2016 | |||
|
Account No |
Account Name |
Debit |
Credit |
|
101 |
Cash at Bank |
299000.00 |
|
| 105 | Accounts Receivable | 99670.00 | |
| 115 | Supplies | 3990.00 | |
| 120 | Prepaid Insurance | 7980.00 | |
| 135 | Office Furniture | 99800.00 | |
| 137 | Acc. Depreciation. – Furniture | 0.00 | |
| 140 | Office Equipment | 199600.00 | |
| 141 | Acc. Depreciation – Equipment | 0.00 | |
| 145 | Store Equipment | 299400.00 | |
| 146 | Acc. Depreciation – Equipment | 0.00 | |
| 170 | Automobile | 399200.00 | |
| 171 | Acc. Depreciation – Automobile | 0.00 | |
| 201 | Accounts Payable | 199340.00 | |
| 201 | Interest Payable | 299010.00 | |
| 201 | Unearned revenue | 49900.00 | |
| 201 | Loan Payable | 19960.00 | |
| 201 | Mortgage Payable | 399200.00 | |
| 201 | Paul’s Capital | 81559.00 | |
| 201 | Paul’s Drawings | 399.00 | |
| 201 | Revenue | 399000.00 | |
| 201 | Advertising Expense | 6000.00 | |
| 201 | Automobile Expense | 5775.00 | |
| 201 | Depreciation Expense – Furniture | 0.00 | |
| 201 | Depreciation Expense – Equipment | 0.00 | |
| 201 | Depreciation Expense – Store Equipment | 0.00 | |
| 201 | Depreciation Expense – Automobile | 0.00 | |
| 201 | Insurance Expense | 5000.00 | |
| 201 | Maintenance Expense | 21000.00 | |
| 201 | Miscellaneous Expense | 1155.00 | |
| 201 | Rent Expense | 0.00 | |
| 201 | Supplies Expense | 0.00 | |
| 201 | Utilities Expense | 0.00 | |
| 201 | Interest Expense | 0.00 | |
| 1447969.00 | 1447969.00 | ||
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