Solution-Prepare the required adjusting entries

Prepare the required adjusting entries

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Reference no: EM131712394

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	181400

Required -

1. Prepare the required adjusting entries.

2. Prepare the adjusted trail balance.

3. Prepare the Income statement and the balance sheet.

Reference no: EM131712394

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Prepare the required adjusting entries

Reference no: EM131712394

Reference no: EM131712394

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