As of Sene 30 1994, the end of the current fiscal year, the accountant for Abay General
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Question:
As of Sene 30 1994, the end of the current fiscal year, the accountant for Abay General Trading completed the worksheet before journalizing and posting the adjustments:
Abay General
Trading Trial Balance Sene 30, 1994
Un adjusted | Adjusted | |||||||||||||||
Cash | 12,825.00 | 12,825.00 | ||||||||||||||
Supplies | 8,950.00 | 3,635.00 | ||||||||||||||
Prepaid rent | 19,500.00 | 1,500.00 | ||||||||||||||
Prepaid insurance | 3,750.00 | 1,250.00 | ||||||||||||||
Equipment | 92,150.00 | 92,150.00 | ||||||||||||||
Accumulated depreciation equipment | 53,480.00 | 66,270.00 | ||||||||||||||
Automobile | 56,500.00 | 56,500.00 | ||||||||||||||
Accumulated depreciation automobile | 28,250.00 | 36,900.00 | ||||||||||||||
Accounts payable | 8,310.00 | 8,730.00 | ||||||||||||||
Salary payable | 3,400.00 | |||||||||||||||
Tax Payable | 1,225.00 | |||||||||||||||
Ato Abay capital | 41,245.00 | 41,245.00 | ||||||||||||||
Ato Abay drawing | 18,600.00 | 18,600.00 | ||||||||||||||
Service income | 261,200.00 | 261,200.00 | ||||||||||||||
Salary Expense | 172,300 | 175,700.00 | ||||||||||||||
Rent Expense | 18,000.00 | |||||||||||||||
Supplies Expense | 5,315.00 | |||||||||||||||
Depreciation Expense Equipment | 12,790.00 | |||||||||||||||
Depreciation Expense Automobile | 8,650.00 | |||||||||||||||
Utilities Expense | 4,700.00 | 5,120.00 | ||||||||||||||
Taxes Expense | 1,500 | 2,725.00 | ||||||||||||||
Insurance Expense | 2,500.00 | |||||||||||||||
Miscellaneous Expense | 1,710.00 | ____ | 1,710.00 | ____ | ||||||||||||
Total | 392,485.00 | 392,487.00 | 418,970.00 | 418,970.00 |
Required:
(a) Compare the adjusted and unadjusted trial balances and prepare the eight journal entries that were required to adjust the accounts.
(b) Prepare the journal entries that were required to close temporary accounts.
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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