The following is the adjusted trial balance after closing procedures for the year ending 30 June...
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The following is the adjusted trial balance after closing procedures for the year ending 30 June 2023. Advertising expenses are always initially recorded as expenses. Adjusted Trial Balance Accounts Cash at Bank Accounts Receivable Vehicles Accounts payable Inventory Accumulated Depreciation Wages payable Unearned Revenue Accrued Utilities Expenses Prepaid Advertising Share capital Retained Earnings Total Dr ($) 18,000 18,100 26,000 32,600 6,000 100,700 Cr (5) 30,000 4,000 4500 1,800 8400 40,000 12,000 100,700 REQUIRED Prepare the reversing entries for 1 July 2023. Narrations are not required. The following is the adjusted trial balance after closing procedures for the year ending 30 June 2023. Advertising expenses are always initially recorded as expenses. Adjusted Trial Balance Accounts Cash at Bank Accounts Receivable Vehicles Accounts payable Inventory Accumulated Depreciation Wages payable Unearned Revenue Accrued Utilities Expenses Prepaid Advertising Share capital Retained Earnings Total Dr ($) 18,000 18,100 26,000 32,600 6,000 100,700 Cr (5) 30,000 4,000 4500 1,800 8400 40,000 12,000 100,700 REQUIRED Prepare the reversing entries for 1 July 2023. Narrations are not required.
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To prepare the reversing entries for 1 July 2023 we need to identify the accounts that requ... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
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