The unadjusted trial balance of Secretarial Services is as follows. The following additional information should be taken
Question:
The unadjusted trial balance of Secretarial Services is as follows.
The following additional information should be taken into account.
1. Office supplies unused at 31 December 2019 amount to $2320.
2. Unexpired insurance at 31 December 2019 is $540.
3. Office equipment is to be depreciated by $7400.
4. Salaries accrued but unrecorded on 31 December, $260.
5. Electricity accrued and unpaid, $830.
6. On 31 December, telephone charges of $425 have accrued but are unrecorded and unpaid.
7. Interest accrued on bank loan at 31 December was $250.
Required
(a) Prepare adjusting and closing entries
(b) Prepare an income statement for the year ended 31 December 2019 and a balance sheet as at 31 December 2019.
Step by Step Answer:
Financial Accounting
ISBN: 9780730363217
10th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield