Question: proprr steps pls i will drfinitely like and correct solution. The Case: Below is the unadjusted trial balance for Al Ain Company as on 3
proprr steps pls
i will drfinitely like and correct solution.
The Case:
Below is the unadjusted trial balance for Al Ain Company as on July along with some additional information, the company prepares the financial statements monthly:
tableAccountDr Balance,Cr BalanceCash$SuppliesPrepaid Insurance,EquipmentNotes payable,,Accounts payable,,Unearned Revenue,,Owners Capital,Owners Drawing,,Service Revenue,Salaries Expense,Rent Expense,Total
Additional Information:
An inventory count at the close of business on July reveals that $ of supplies are still on hand.
Insurance of $ expires each month.
Depreciation on the equipment is $ a year.
Analysis reveals that the company performed $ of services that was considered as unearned revenue in July.
The company performed services worth $ that were not billed to clients on or before July
The company signed a threemonth note payable in the amount of $ on July The note requires the company to pay interest at an annual rate of
There is $ salaries accrued that are not recorded yet.
Required:
a Using IFRS
Journalize the adjusting entries on July
Post the adjusting entries to Taccounts.
Prepare the adjusted trial balance.
b Prepare the following financial statements:
Income statement
Statement of owner's equity
Balance sheet
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