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Question - The trail balance relates to the year 2016. It was prepared at 31/12/2016 but the accountant did not include the following.
1. Deprecation for the year. Years of usefulness of equipment is 10 years.
2. Accrued salary at 31, December for Monday, Tuesday, Wednesday and Thursday. The five days weekly payroll is 1500.
3. On the first of October, the company collected from a customer for advertisement $4000, the service will be provided from October through January.
Account
Debit
Credit
Cash
120200
Accounts receivable
15600
Supplies
3300
Prepaid rent
1050
Equipment
20000
Accumulated depreciation
2000
Accounts payable
10450
Salary payable
5600
Unearned revenue
4000
Share Capital
120000
Revenue
30000
Retained eantinp,s
9350
Withdrawals
950
Depreciation
0
Salary expense
12000
Rent Expense
8300
Total
181400
Required -
1. Prepare the required adjusting entries.
2. Prepare the adjusted trail balance.
3. Prepare the Income statement and the balance sheet.
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