Below is the unadjusted trial balance for Fiesta Consultancy Services at the end of first year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Below is the unadjusted trial balance for Fiesta Consultancy Services at the end of first year operation: Accounts Cash Accounts Receivable Office Supplies Office Equipment Unearned Consulting Fees Accounts Payable Wages Payable Fisza, Capital Fisza, Drawings Consulting Fees Earned Wages Expense Utilities Expense Miscellaneous Expense Fiesta Consultancy Services Unadjusted Trial Balance May 2023 (iv) Debit Balances 52,000 15,800 1,200 15,000 2,500 7,000 3,500 2,500 RM99,500 Credit Balances 3,500 8,500 500 75,000 12,000 RM99,500 1. Journalise the followings adjusting entries for Fiesta Consultancy Services. (i) Consulting Fees Earned but unbilled RM3,500, Office Supplies on hand on 31 May is RM500. (ii) (iii) Unearned Consulting service was performed during the period for RM2,000. The depreciation of office equipment was estimated to be RM3.000. Accrued wages at the end of the month of RM800. 2. Post the journal entries to ledgers. 3. Prepare the Adjusted Trial Balance for Fiesta Consultancy Services Below is the unadjusted trial balance for Fiesta Consultancy Services at the end of first year operation: Accounts Cash Accounts Receivable Office Supplies Office Equipment Unearned Consulting Fees Accounts Payable Wages Payable Fisza, Capital Fisza, Drawings Consulting Fees Earned Wages Expense Utilities Expense Miscellaneous Expense Fiesta Consultancy Services Unadjusted Trial Balance May 2023 (iv) Debit Balances 52,000 15,800 1,200 15,000 2,500 7,000 3,500 2,500 RM99,500 Credit Balances 3,500 8,500 500 75,000 12,000 RM99,500 1. Journalise the followings adjusting entries for Fiesta Consultancy Services. (i) Consulting Fees Earned but unbilled RM3,500, Office Supplies on hand on 31 May is RM500. (ii) (iii) Unearned Consulting service was performed during the period for RM2,000. The depreciation of office equipment was estimated to be RM3.000. Accrued wages at the end of the month of RM800. 2. Post the journal entries to ledgers. 3. Prepare the Adjusted Trial Balance for Fiesta Consultancy Services
Expert Answer:
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
For the past several years, Shane Banovich has operated a part-time consulting business from his home. As of October 1, 2012, Shene decided to move to rented quarters and to operate the business as...
-
Following is the unadjusted trial balance for Augustus Institute as of December 31, 2013, which initially records prepaid expenses and unearned revenues in balance sheet accounts. The Institute...
-
The Acme Insurance Company purchased a five-year bond whose interest rate floats with LIBOR. Specifically, the interest rate in a given year is equal to LIBOR plus 200 basis points. At the same time...
-
The inductor in Figure P5.39a is 4.7 µH with a tolerance of 20%. Given the current waveform in Figure P5.39b, graph the voltage v(t) for the minimum and maximum inductor values. i(t) V(t)...
-
Find the perimeter of a regular octagon (eight equal sides with equal interior angles) that is inscribed in a circle (all vertices of the octagon touch the circle) of radius 10.
-
Why has cash flow from operations become increasingly important as an analytical tool? (a) Inflation has distorted the meaningfulness of net income. (b) High interest rates can put the cost of...
-
Alta Corporation entered into an agreement with Snowfire Company to lease equipment for use in its ski manufacturing facility. The lease is appropriately recorded as a purchase by Alta and as a sale...
-
1. Reflect the given shapes over the x-axis and the y-axis. 2. Rotate the given shapes 180. 3. Calculate the area, the surface area, and the volume of the given shapes.
-
You, CA, an audit senior at Grey & Co., Chartered Accountants, are in charge of this year's audit of Plex-Fame Corporation (PFC). PFC is a rapidly expanding, diversified, publicly owned entertainment...
-
1. Which parts of the CFA Code of Ethics and Standards of Professional Conduct are applicable to the dilemma Harry Markham is facing? 2. What should a professional like Markham do when loyalty to a...
-
2) Considers pros and cons to deal with non-sustainable debt [5 pts]: a. Government asks the central bank to buy government bonds as they come to maturity b. Default c. Increase in taxes and/or...
-
1- What is the weight of the MSB in (100011011011) ? 2- What is the weight of the MSB in (2045) ? What is the value of this MSB? 3- What is the decimal value of (110101.1),? 4- What is the decimal...
-
Farmers across the world are now utilizing drones, which are revolutionizing the industry. A drone is an unmanned aerial vehicle that is guided remotely. Although drones are not new, their use in...
-
Given the following function: int ACT (int x, int y){ if (y
-
What products were ordered in the first order this company received and shipped during the month of November of 2004? SQL code
-
Interactive 3D display mode H H,C-C-C-N-H H, H, Spell out the full name of the compound.
-
What are some of the possible sources of information about a company that could be used for determining the companys competitive stance?
-
Prison Watch Company offers legal consulting advice to prison inmates. Prison Watch Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at June 30, 2010, the...
-
Gallatin Hardware is a small hardware store in the rural township of Willow Creek that rarely extends credit to its customers in the form of an account receivable. The few customers that are allowed...
-
From the following list of steps in the accounting cycle, identify what two steps are missing. a. Transactions are analyzed and recorded in the journal. b. Transactions are posted to the ledger. c....
-
Distinguish between (a) a branch, (b) a subsidiary, and (c) a joint venture.
-
What purposes are normally served by bilateral investment protection treaties?
-
What is meant by collateral security?
Study smarter with the SolutionInn App