Iask2: This task has been designed to assess your understanding and ability to prepare and produce the unadjusted and adjusted trial balance. By using the following ledger accounts (table2) of the Gamma for events and occasions in order to produce unadjusted and adjusted trail balance at Novemebr-2021, applying the use of the balance off rule to complete the ledger. Make the adiustments entries for the following transactions before preparing the final accounts for the mentioned company: - On the 2nd of November 2021 , the business purchased supplies for 900 cash. On 30 of November, 2021 the business found out that the supplies still on hand were 600 only - On the3 rd of November the business purchased cash a one-year insurance policy for 600 . Prepare the adjusting entry on 30 of November 2021. - Gamma received 4,000 on the 4th of November from customer for advertising services expected to be completed by November 30 . Analysis reveals that the company performed 2,000 of services. Now, At Gamma Company, the following errors were discovered after the transactions had been joumalized and posted. Prepare the necessary correcting entry for each of the following, and explain what the accounting errors that affects the trial balance are. - A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550 - The purchase of supplies on account for $300 was recorded as a debit to Supplies for $350 and a credit to Accounts Payable for $350 - A cash payment for Utilities Expense costing $200 was omitted from the general joumal Table 2: Gamma for events and occasions Ledger Book \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{5}{|l|}{ Cnearued Revenue } \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Ker.TeII & & Ji & & 4,000 & 4,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies } \\ \hline Date & Ex & Ref & Debit & Credit & Balance \\ \hline Sax+202 & & J1 & 900 & & 900 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Accounts Receivable } & No,112 \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Re..2621 & & J1 & 69,000 & & 69,000 \\ \hline 17 & & JI & & 18,000 & 51,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Prepaid Insurance } \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Mexsm & & J1 & 600 & & 600 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{2}{|l|}{ Share Capital } \\ \hline Date & Ex & Ref & Debit & Credit & Balance \\ \hline Sw.26in & & J1 & & 121,600 & 121,600 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Acceusts Payable } & \multicolumn{3}{c|}{ No.20I } \\ \hline Date & Ex & Ref & Debit & Credit & Balance \\ \hline Ner.2621 & & J1 & & 42,000 & 42,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline Land & Ex & Ref & Debit & Credit & Balance \\ \hline Date & & J1 & 8,500 & & 8.000 \\ \hline Nov2021 & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{2}{|l|}{ Inventery } \\ \hline Date & Ex & Ref & Debit & Credit & Balance \\ \hline Ser.el & & Jl & 15,000 & & 10,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Service Revenue } \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Nov.2021 & & J1 & & 3,300 & 3,300 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{3}{|l|}{ Wages \& Sularies Expense } & \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Kw.362 & & J1 & 64,000 & & 64,000 \\ \hline \end{tabular} Produce Unadjusted Trial balance: On the 2nd of November 2021, the business purchased supplies for 900 cash. On 30 of November, 2021 the business found out that the supplies still on hand were 600 only On the3rd of November the business purchased cash a one-year insurance policy for 600. Prepare the adjusting entry on 30 of November 2021. Gamma received {4,000 on the 4 th of November from customer for advertising services expected to be completed by November 30. Analysis reveals that the company performed f2,000 of services Errors: A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550. The purchase of supplies on account for $1,750 was recorded as a debit to Supplies for $1,570 and a credit to Accounts Payable for $1,$70 A cash payment for Utilities Expense costing \$200 was omitted from the general journal On the 2nd of November 2021, the business purchased supplies for 900 cash. On 30 of November, 2021 the business found out that the supplies still on hand were 600 only On the3rd of November the business purchased cash a one-year insurance policy for 600. Prepare the adjusting entry on 30 of November 2021. Gamma received {4,000 on the 4 th of November from customer for advertising services expected to be completed by November 30. Analysis reveals that the company performed f2,000 of services Errors: A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550. The purchase of supplies on account for $1,750 was recorded as a debit to Supplies for $1,570 and a credit to Accounts Payable for $1,$70 A cash payment for Utilities Expense costing \$200 was omitted from the general journal Produce adjusted Trial balance: Interpret, identify and correct accounting errors through the production of a trial balance to ensure accurate accounting records. Task2: This task has been designed to assess your understanding and ability to prepare and produce the unadiusted and adiusted trial balance. By using the following ledger accounts (table2) of the Gamma for events and occasions in order to produce unadjusted and adjusted trail balance at Novemebr-2021, applying the use of the balance off rule to complete the ledger. Make the adiustments entries for the following transactions before preparing the final accounts for the mentioned company: - On the 2md of November 2021 , the business purchased supplies for 900 cash. On 30 of November, 2021 the business found out that the supplies still on hand were 600 only - On the 3rd of November the business purchased cash a one-year insurance policy for 600 . Prepare the adjusting entry on 30 of November 2021. - Gamma received 4,000 on the 4th of November from customer for advertising services expected to be completed by November 30 .Analysis reveals that the company performed 2,000 of services. Now, At Gamma Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following, and explain what the accounting errors that affects the trial balance are. - A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550. - The purchase of supplies on account for $300 was recorded as a debit to Supplies for $350 and a credit to Accounts Payable for $350 - A cash payment for Utilities Expense costing \$200 was omitted from the general journal Iask2: This task has been designed to assess your understanding and ability to prepare and produce the unadjusted and adjusted trial balance. By using the following ledger accounts (table2) of the Gamma for events and occasions in order to produce unadjusted and adjusted trail balance at Novemebr-2021, applying the use of the balance off rule to complete the ledger. Make the adiustments entries for the following transactions before preparing the final accounts for the mentioned company: - On the 2nd of November 2021 , the business purchased supplies for 900 cash. On 30 of November, 2021 the business found out that the supplies still on hand were 600 only - On the3 rd of November the business purchased cash a one-year insurance policy for 600 . Prepare the adjusting entry on 30 of November 2021. - Gamma received 4,000 on the 4th of November from customer for advertising services expected to be completed by November 30 . Analysis reveals that the company performed 2,000 of services. Now, At Gamma Company, the following errors were discovered after the transactions had been joumalized and posted. Prepare the necessary correcting entry for each of the following, and explain what the accounting errors that affects the trial balance are. - A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550 - The purchase of supplies on account for $300 was recorded as a debit to Supplies for $350 and a credit to Accounts Payable for $350 - A cash payment for Utilities Expense costing $200 was omitted from the general joumal Table 2: Gamma for events and occasions Ledger Book \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{5}{|l|}{ Cnearued Revenue } \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Ker.TeII & & Ji & & 4,000 & 4,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies } \\ \hline Date & Ex & Ref & Debit & Credit & Balance \\ \hline Sax+202 & & J1 & 900 & & 900 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Accounts Receivable } & No,112 \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Re..2621 & & J1 & 69,000 & & 69,000 \\ \hline 17 & & JI & & 18,000 & 51,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Prepaid Insurance } \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Mexsm & & J1 & 600 & & 600 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{2}{|l|}{ Share Capital } \\ \hline Date & Ex & Ref & Debit & Credit & Balance \\ \hline Sw.26in & & J1 & & 121,600 & 121,600 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Acceusts Payable } & \multicolumn{3}{c|}{ No.20I } \\ \hline Date & Ex & Ref & Debit & Credit & Balance \\ \hline Ner.2621 & & J1 & & 42,000 & 42,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline Land & Ex & Ref & Debit & Credit & Balance \\ \hline Date & & J1 & 8,500 & & 8.000 \\ \hline Nov2021 & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{2}{|l|}{ Inventery } \\ \hline Date & Ex & Ref & Debit & Credit & Balance \\ \hline Ser.el & & Jl & 15,000 & & 10,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Service Revenue } \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Nov.2021 & & J1 & & 3,300 & 3,300 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{3}{|l|}{ Wages \& Sularies Expense } & \\ \hline Date & Ex. & Ref & Debit & Credit & Balance \\ \hline Kw.362 & & J1 & 64,000 & & 64,000 \\ \hline \end{tabular} Produce Unadjusted Trial balance: On the 2nd of November 2021, the business purchased supplies for 900 cash. On 30 of November, 2021 the business found out that the supplies still on hand were 600 only On the3rd of November the business purchased cash a one-year insurance policy for 600. Prepare the adjusting entry on 30 of November 2021. Gamma received {4,000 on the 4 th of November from customer for advertising services expected to be completed by November 30. Analysis reveals that the company performed f2,000 of services Errors: A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550. The purchase of supplies on account for $1,750 was recorded as a debit to Supplies for $1,570 and a credit to Accounts Payable for $1,$70 A cash payment for Utilities Expense costing \$200 was omitted from the general journal On the 2nd of November 2021, the business purchased supplies for 900 cash. On 30 of November, 2021 the business found out that the supplies still on hand were 600 only On the3rd of November the business purchased cash a one-year insurance policy for 600. Prepare the adjusting entry on 30 of November 2021. Gamma received {4,000 on the 4 th of November from customer for advertising services expected to be completed by November 30. Analysis reveals that the company performed f2,000 of services Errors: A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550. The purchase of supplies on account for $1,750 was recorded as a debit to Supplies for $1,570 and a credit to Accounts Payable for $1,$70 A cash payment for Utilities Expense costing \$200 was omitted from the general journal Produce adjusted Trial balance: Interpret, identify and correct accounting errors through the production of a trial balance to ensure accurate accounting records. Task2: This task has been designed to assess your understanding and ability to prepare and produce the unadiusted and adiusted trial balance. By using the following ledger accounts (table2) of the Gamma for events and occasions in order to produce unadjusted and adjusted trail balance at Novemebr-2021, applying the use of the balance off rule to complete the ledger. Make the adiustments entries for the following transactions before preparing the final accounts for the mentioned company: - On the 2md of November 2021 , the business purchased supplies for 900 cash. On 30 of November, 2021 the business found out that the supplies still on hand were 600 only - On the 3rd of November the business purchased cash a one-year insurance policy for 600 . Prepare the adjusting entry on 30 of November 2021. - Gamma received 4,000 on the 4th of November from customer for advertising services expected to be completed by November 30 .Analysis reveals that the company performed 2,000 of services. Now, At Gamma Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following, and explain what the accounting errors that affects the trial balance are. - A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550. - The purchase of supplies on account for $300 was recorded as a debit to Supplies for $350 and a credit to Accounts Payable for $350 - A cash payment for Utilities Expense costing \$200 was omitted from the general journal