The following shows a partially completed worksheet of Ace Photo Studio: ACE PHOTO STUDIO Worksheet December...

 

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The following shows a partially completed worksheet of Ace Photo Studio: ACE PHOTO STUDIO Worksheet December 31, 2019 Account Names Cash Accounts Receivables Office Supplies Prepaid Insurance Equipment Accumulated Depreciation- Equipment Accounts Payable Utilities Payable Salaries Payable Capital Withdrawals Service Revenue Depreciation Expense -Equipment Supplies Expense Utility Expense Salaries Expense Insurance Expense Total Unadjusted Trial Balance Adjustments Debit Credit (RM) (RM) 3,500 6,300 1,400 3.850 33,000 32.000 2,200 28.500 8.500 4,200 22,150 75,900 110,750 110,750 Page 2 of 4 Dr Cr Adjusted Trial Balance Debit Credit (RM) (RM) 5,300 6,700 600 3,300 33,000 32,000 4,000 800 2,425 28,700 12,500 4,200 225 200 23.950 76,300 550 117,375 117,375 Requirements: a) Analyse the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Please help Ace Photo Studio to complete its worksheet. (Label the adjustments using a,b,c..). b) Journalize the adjusting entries. Kindly include an explanation for each entry. c) Prepare the Adjusted Trial Balance, Adjusted Financial Statements (Profit & Loss Statement, Statement of Owner's Equity and Balance Sheet). The following shows a partially completed worksheet of Ace Photo Studio: ACE PHOTO STUDIO Worksheet December 31, 2019 Account Names Cash Accounts Receivables Office Supplies Prepaid Insurance Equipment Accumulated Depreciation- Equipment Accounts Payable Utilities Payable Salaries Payable Capital Withdrawals Service Revenue Depreciation Expense -Equipment Supplies Expense Utility Expense Salaries Expense Insurance Expense Total Unadjusted Trial Balance Adjustments Debit Credit (RM) (RM) 3,500 6,300 1,400 3.850 33,000 32.000 2,200 28.500 8.500 4,200 22,150 75,900 110,750 110,750 Page 2 of 4 Dr Cr Adjusted Trial Balance Debit Credit (RM) (RM) 5,300 6,700 600 3,300 33,000 32,000 4,000 800 2,425 28,700 12,500 4,200 225 200 23.950 76,300 550 117,375 117,375 Requirements: a) Analyse the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Please help Ace Photo Studio to complete its worksheet. (Label the adjustments using a,b,c..). b) Journalize the adjusting entries. Kindly include an explanation for each entry. c) Prepare the Adjusted Trial Balance, Adjusted Financial Statements (Profit & Loss Statement, Statement of Owner's Equity and Balance Sheet).

Answer rating: 100% (QA)

a Adjusting entries ACE PHOTO STUDIO Worksheet December 31 2019 Account Names Unadjusted Trial Balance Adjustments Adjusted Trial Balance DebitRM Cred... View the full answer