FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Q: What are the main differences between the adjusting entries and the closing entries?
A: Adjusting entries are prepared at the end of the accounting period in order to ensure that all the…
Q: What would the Trial balance and Income Statement be?
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: What are the three situations where the Adjusting entries are necessary? Write in detail about the…
A: Adjusting entries are the entries usually made at the end of the period to fix some accounts before…
Q: What is the purpose of adjusting entries? When are they made? What are the four different categories…
A: Adjusting Entry:An adjusting entry is a journal entry passed before issuing a company’s financial…
Q: unadjusted trial balance
A: trial balance : Statement that shows the ending balance of all the ledger accounts of a firm at the…
Q: Give examples of all key types of adjusting accounts.
A: Adjusting Entries Adjusting entries are refer as the journal entries which are pass according to the…
Q: unadjusted trial balance in worksheet
A:
Q: What do you mean by adjusted trial balance? What is a worksheet, how is it used to help prepare an…
A: Adjusted trial balance: Adjusted trial balance refers to an internal document that is prepared that…
Q: What are the five types of adjusting entries? Define each type and provide an example of each.
A: Adjusting entries Adjusting entries are the entries recorded at the year-end but before the…
bartleby

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question

Complete the Adjusted Trial Balance based on the below

 

Unadjusted Trial Balance "For the Month Ending 31/8/2021" Acc. No. Account Dr Cr 101 Cash 176,234 102 Accounts receivable 27,218 103 Inventory Office Supplies 42,198 104 16,832 111 GST Paid 9,281 Prepaid Insurance Prepaid Rent 141 8,910 142 16,380 143 Interest Receivable 5,234 155 Office Furniture 23,040 156 Accum. Depreciation - Office Furniture 5,760 158 Motor Vehicle 84,000 159 Accum. Depreciation - Motor Vehicle 16,800 201 Accounts Payable 6,330 222 GST Collected 18,378 240 Interest Due 2,806 241 Unearned Revenue 36,120 Wages Payable Utilities Payable Consulting Fees Payable 242 1,830 243 2,033 244 3,044 251 Bank Loan 33,990 261 PAYG Withheld 4,590 301 Capital 182,930 302 Drawings 4,780 401 Sales Revenue 154,782 402 Service Revenue 28,998 403 Interest Revenue 5,234 501 Cost of Good Sold 46,435 Computer Expense Office Supplies Expense 601 896 602 603 Interest Expense 2,806 604 Consulting Expense 6,088 605 Insurance Expense Rent Expense Sales Commission Expense Utilities Expense 606 607 4,643 608 6,100 Wage Expense Advertising Expense Depreciation Expense - Motor Vehicle Depreciation Expense - Office Furniture ТOTAL 609 18,300 610 4,250 651 655 503,625 503,625
expand button
Transcribed Image Text:Unadjusted Trial Balance "For the Month Ending 31/8/2021" Acc. No. Account Dr Cr 101 Cash 176,234 102 Accounts receivable 27,218 103 Inventory Office Supplies 42,198 104 16,832 111 GST Paid 9,281 Prepaid Insurance Prepaid Rent 141 8,910 142 16,380 143 Interest Receivable 5,234 155 Office Furniture 23,040 156 Accum. Depreciation - Office Furniture 5,760 158 Motor Vehicle 84,000 159 Accum. Depreciation - Motor Vehicle 16,800 201 Accounts Payable 6,330 222 GST Collected 18,378 240 Interest Due 2,806 241 Unearned Revenue 36,120 Wages Payable Utilities Payable Consulting Fees Payable 242 1,830 243 2,033 244 3,044 251 Bank Loan 33,990 261 PAYG Withheld 4,590 301 Capital 182,930 302 Drawings 4,780 401 Sales Revenue 154,782 402 Service Revenue 28,998 403 Interest Revenue 5,234 501 Cost of Good Sold 46,435 Computer Expense Office Supplies Expense 601 896 602 603 Interest Expense 2,806 604 Consulting Expense 6,088 605 Insurance Expense Rent Expense Sales Commission Expense Utilities Expense 606 607 4,643 608 6,100 Wage Expense Advertising Expense Depreciation Expense - Motor Vehicle Depreciation Expense - Office Furniture ТOTAL 609 18,300 610 4,250 651 655 503,625 503,625
Date Accounts Dr Cr Depreciation Expense - Motor Vehicle Accum. Depreciation - Motor Vehicle 31/08/2021 700 700 Wage Expense Wages Payable PAYG Withheld 31/08/2021 7,350 6,027 1,323 31/08/2021 Unearned Revenue 28,380 Sales Revenue 25,542 GST Collected 2,838 31/08/2021 Interest Receivable 128 Interest Revenue 128 31/08/2021 Rent Expense 1,820 Prepaid Rent 1,820 Office Supplies Expense Office Supplies 31/08/2021 40 40 Depreciation Expense - Office Furniture Accum. Depreciation - Office Furniture 31/08/2021 480 480 Wage Expense Wages Payable 31/08/2021 8,680 7,812 PAYG Withheld 868 31/08/2021 Insurance Expense 990 Prepaid Insurance 990
expand button
Transcribed Image Text:Date Accounts Dr Cr Depreciation Expense - Motor Vehicle Accum. Depreciation - Motor Vehicle 31/08/2021 700 700 Wage Expense Wages Payable PAYG Withheld 31/08/2021 7,350 6,027 1,323 31/08/2021 Unearned Revenue 28,380 Sales Revenue 25,542 GST Collected 2,838 31/08/2021 Interest Receivable 128 Interest Revenue 128 31/08/2021 Rent Expense 1,820 Prepaid Rent 1,820 Office Supplies Expense Office Supplies 31/08/2021 40 40 Depreciation Expense - Office Furniture Accum. Depreciation - Office Furniture 31/08/2021 480 480 Wage Expense Wages Payable 31/08/2021 8,680 7,812 PAYG Withheld 868 31/08/2021 Insurance Expense 990 Prepaid Insurance 990
Expert Solution
Check Mark
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
See solutionCheck out a sample Q&A here
Step 1
VIEW
Step 2
VIEW
Step 3
VIEW
bartleby

Step by stepSolved in 3 steps with 4 images

See solution
Check out a sample Q&A here
Blurred answer
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
SEE MORE TEXTBOOKS