Adjusted trial balance of uChampion (uC) business owned by Ms Tany are given below: uChampion (UC)...
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Adjusted trial balance of uChampion (uC) business owned by Ms Tany are given below: uChampion (UC) Adjusted Trial Balance As at 31 May 2022 Service Revenue Accounts Payable Revenue received in advance Salaries Payable Supplies on hand Salaries Expense Rent Expense Furniture Accounts Receivable Prepaid Insurance Unexpired Advertising Equipment Accumulated Depreciation- Equip Ms Tany, Capital Ms Tany, Drawings Insurance expense Supplies expense Depreciation expense TOTAL Credit Debit $'000 $'000 792 84 36 132 76 $324 48 24 36 440 60 52 88 32 $136 240 80 64 $1,372 $1,372 a b Required: Using the above information, prepare the following: Closing entries as at 31 May 2022 Post-closing trial balance as at 31 May 2022 Adjusted trial balance of uChampion (uC) business owned by Ms Tany are given below: uChampion (UC) Adjusted Trial Balance As at 31 May 2022 Service Revenue Accounts Payable Revenue received in advance Salaries Payable Supplies on hand Salaries Expense Rent Expense Furniture Accounts Receivable Prepaid Insurance Unexpired Advertising Equipment Accumulated Depreciation- Equip Ms Tany, Capital Ms Tany, Drawings Insurance expense Supplies expense Depreciation expense TOTAL Credit Debit $'000 $'000 792 84 36 132 76 $324 48 24 36 440 60 52 88 32 $136 240 80 64 $1,372 $1,372 a b Required: Using the above information, prepare the following: Closing entries as at 31 May 2022 Post-closing trial balance as at 31 May 2022
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a Closing Entries as at 31 May 2022 Close the Revenue and Expense accounts to the Income Summary acc... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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