Q2. From the data provided you will need to make and show appropriate adjustments to both...
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Q2. From the data provided you will need to make and show appropriate adjustments to both the income statement and the Statement of financial .position : . Zeta corporation for Consulting and Investments using the unadjusted trial balance, make the appropriate adjustments, then prepare the adjusted trial balance and extract the suitable financial statements for December 31.2022 31 . Analysis reveals the following additional data: Purchased one-year Prepaid insurance for 6000 one month ago. Account of supplies shows 1000 of unused supplies. one-half of the unearned revenue has been recognized for service performed. Salaries of 4000 are accrued and unpaid on December 31. Revenue for services performed but unrecorded for December totalled 2400 | Instructions: 0 . 6000 1000 . 4000 31 .31 Journalize the adjusting entries on December 31 .31 Prepare an adjusted trial balance on December 31 .Prepare the financial statements Zeta corporation for Consulting and Investments Unadjusted Trial Balance December 31.2022 Account name Cash Accounts receivable Prepaid insurance Supplies Accounts Payable Unearned service revenue Equipment | Accumulated Depreciation (Equipment)| Share capital Retained earnings- beginning Dividends services Revenue Salaries and wages expenses Utilities expenses Depreciation expenses Debit Credit 11300 Rent expenses Total 19700 4900 3200 14900 2900 4500 7800 2400 12900 8100 45900 15900 3000 1900 13900 81,600 81,600 Q2. From the data provided you will need to make and show appropriate adjustments to both the income statement and the Statement of financial .position : . Zeta corporation for Consulting and Investments using the unadjusted trial balance, make the appropriate adjustments, then prepare the adjusted trial balance and extract the suitable financial statements for December 31.2022 31 . Analysis reveals the following additional data: Purchased one-year Prepaid insurance for 6000 one month ago. Account of supplies shows 1000 of unused supplies. one-half of the unearned revenue has been recognized for service performed. Salaries of 4000 are accrued and unpaid on December 31. Revenue for services performed but unrecorded for December totalled 2400 | Instructions: 0 . 6000 1000 . 4000 31 .31 Journalize the adjusting entries on December 31 .31 Prepare an adjusted trial balance on December 31 .Prepare the financial statements Zeta corporation for Consulting and Investments Unadjusted Trial Balance December 31.2022 Account name Cash Accounts receivable Prepaid insurance Supplies Accounts Payable Unearned service revenue Equipment | Accumulated Depreciation (Equipment)| Share capital Retained earnings- beginning Dividends services Revenue Salaries and wages expenses Utilities expenses Depreciation expenses Debit Credit 11300 Rent expenses Total 19700 4900 3200 14900 2900 4500 7800 2400 12900 8100 45900 15900 3000 1900 13900 81,600 81,600
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Based on the information provided lets go stepbystep to prepare the adjusting entries the adjusted trial balance and then the financial statements Ple... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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