Problem 2Faisal Repairs and Services has the following unadjusted balance at the end of the first year.Faisal Repairs and ServicesUnadjusted Trial BalanceJune 30, 2020AccountsDebitCreditCash12,35050,00017,50015,200148,700Account ReceivablePrepaid InsuranceSuppliesEquipmentAccount PayableUnearned RevenuesCapitalDrawingsService RevenuesWages ExpensesRent ExpenseUtilities Expenses19,75018,000169,20018,000295,00094,50072,00065,600MiscellaneousExpensesTotal8,100501,950 501,950Additional information:1. Revenues earned but unbilled on June 30 were OMR 8,000.2. Supplies on hand on June 30 were OMR 4,500.3. Insurance expense for the year, OMR 3,200.4. Unearned Revenues on June 30th were OMR 6,000.5. Unpaid wages accrued on June 30 were OMR 3,800.Required:Prepare the necessary adjusting entries on 30 June 2020.Determine the balance of the accounts affected by the adjusting entries and prepare theadjusted trial balance.

Name: Problem 2Faisal Repairs and Services has the following unadjusted bal
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Description: Problem 2Faisal Repairs and Services has the following unadjusted balance at the end of the first year.Faisal Repairs and ServicesUnadjusted Trial BalanceJune 30, 2020AccountsDebitCreditCash12,35050,00017,50015,200148,700Account ReceivablePrepaid In

Sno Account Titles and Explantions Debit Credit 1 Accrued Service Revenue 8,000…

Business

Accounting

Faisal Repairs and Services has the following unadjusted balance at the end of the first year. Faisal Repairs and Services Unadjusted Trial Balance June 30, 2020 Accounts Debit Credit 12,350 50,000 17,500 15,200 148,700 Cash Account Receivable Prepaid Insurance Supplies Equipment Account Payable Unearned Revenues |Capital Drawings Service Revenues Wages Expenses Rent Expense Utilities Expenses Miscellaneous Expenses Total 19,750 18,000 169,200 18,000 295,000 94,500 72,000 65,600 8,100 501,950 501,950 Additional information: 1. Revenues earned but unbilled on June 30 were OMR 8,000. 2. Supplies on hand on June 30 were OMR 4,500. 3. Insurance expense for the year, OMR 3,200. 4. Unearned Revenues on June 30th were OMR 6,000. 5. Unpaid wages accrued on June 30 were OMR 3,800. Required: Prepare the necessary adjusting entries on 30 June 2020. Determine the balance of the accounts affected by the adjusting entries and prepare the adjusted trial balance.

Faisal Repairs and Services has the following unadjusted balance at the end of the first year. Faisal Repairs and Services Unadjusted Trial Balance June 30, 2020 Accounts Debit Credit 12,350 50,000 17,500 15,200 148,700 Cash Account Receivable Prepaid Insurance Supplies Equipment Account Payable Unearned Revenues |Capital Drawings Service Revenues Wages Expenses Rent Expense Utilities Expenses Miscellaneous Expenses Total 19,750 18,000 169,200 18,000 295,000 94,500 72,000 65,600 8,100 501,950 501,950 Additional information: 1. Revenues earned but unbilled on June 30 were OMR 8,000. 2. Supplies on hand on June 30 were OMR 4,500. 3. Insurance expense for the year, OMR 3,200. 4. Unearned Revenues on June 30th were OMR 6,000. 5. Unpaid wages accrued on June 30 were OMR 3,800. Required: Prepare the necessary adjusting entries on 30 June 2020. Determine the balance of the accounts affected by the adjusting entries and prepare the adjusted trial balance.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 61E

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