Paul services Trial Balance As At 30 June 2016
Account No Account Name Debit Credit
101 Cash at Bank 86840.00
105 Accounts Receivable 28950.00
115 Supplies 1870.00
120 Prepaid Insurance 3740.00
135 Office Furniture 46800.00
137 Acc. Depreciation. – Furniture 0.00
140 Office Equipment 93600.00
141 Acc. Depreciation – Equipment 0.00
145 Store Equipment 140400.00
146 Acc. Depreciation – Equipment 0.00
170 Automobile 187200.00
171 Acc. Depreciation – Automobile 0.00
201 Accounts Payable 57900.00
201 Interest Payable 86850.00
201 Unearned revenue 23400.00
201 Loan Payable 9360.00
201 Mortgage Payable 187200.00
201 Paul’s Capital 53857.00
201 Paul’s Drawings 187.00
201  Revenue 187000.00
201 Advertising Expense 1700.00
201 Automobile Expense 5775.00
201 Depreciation Expense – Furniture 0.00
201 Depreciation Expense – Equipment 0.00
201 Depreciation Expense – Store Equipment 0.00
201 Depreciation Expense – Automobile 0.00
201 Insurance Expense 1400.00
201 Maintenance Expense 5950.00
201 Miscellaneous Expense 1155.00
201 Rent Expense 0.00
201 Supplies Expense 0.00
201 Utilities Expense 0.00
201 Interest Expense 0.00
605567.00 605567.00

 

Item Description
For the following: Interest has accrued on the mortgage but not paid.
Amount: $18,720
For the following: Adjustment for the period.
Instructions:  Ending Supplies remains on hand
Ending Supplies inv. $467.50
Instructions:  Prepaid insurance shows a total value remaining of
$748.00
Depreciable Asset: 135
For the following: Depreciation adjustment for the period.SL method
 Office Furniture
life= 5 Residual value =6800
Depreciable Asset: 140
For the following: Adjustment for the period .SL method
 Office Equipment
life= 5 Residual value =3600
Depreciable Asset: 145
For the following: Adjustment for the period. SL method
 Store Equipment
life= 10 Residual value =0400
Depreciable Asset: 170
For the following: Adjustment for the period. SL method
 Automobile
life= 10 Residual value =7200
Instructions: The portion of unearned revenue which is earned at the end of June.
$11,700.00

 

Step 1: Journalise the adjustment transactions (adjustments sheet)

Step 2: post adjusting journal entries and complete the Worksheet

Step 3: Create the Income Statements from the completed Worksheet

Step 4: Journalise the closing entries

Step 5: Create the changes in Equity and Balance sheet from the completed Worksheet

 

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