The account balances taken from the unadjusted trial balance and adjusted trial balance columns of the worksheet

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The account balances taken from the unadjusted trial balance and adjusted trial balance columns of the worksheet of Tran’s Transcription Service for the year ended 30 June 2020, the first year of operations, are shown below.

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(a) Reconstruct the 10‐column worksheet for the year.

(b) Prepare the income statement for Tran’s Transcription Service for the year ended 30 June 2020.

(c) Prepare the closing entries required on 30 June 2020.

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Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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Question Posted: Mar 07, 2024 07:00 AM

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The account balances taken from the unadjusted trial balance and adjusted trial balance columns of the worksheet

Question:

Account Cash at bank Accounts receivable Office supplies Stationery supplies Prepaid insurance Prepaid rent Equipment Accounts payable Unadjusted trial balance $ 7800 12200 6400 5600 2160 14400 96 800 24 500 Adjusted trial balance $ 7800 12 200 1 600 2200 1260 4800 96 800 24 500

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Financial Accounting

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