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The attached image shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Requirements: Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007 a. Supplies used during the period - $5000 b. All of the prepaid insurance expired at year end c. Depreciation expense – Building : $50,000 d. Depreciation expense – Furniture & Fixtures: $10,000 e. Accrued salary expense: $15,000 f. Unearned consultancy revenue at the end of the period: $10,000 Prepare the Income statement for the year ended December 31st, 2007 Prepare the Statement of owner’s equity for December 31st, 2007 Prepare the Balance sheet as at December 31st, 2007 Prepare the Closing entries Prepare a Post-closing Trial Balance

The attached image shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Requirements: Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007 a. Supplies used during the period - $5000 b. All of the prepaid insurance expired at year end c. Depreciation expense – Building : $50,000 d. Depreciation expense – Furniture & Fixtures: $10,000 e. Accrued salary expense: $15,000 f. Unearned consultancy revenue at the end of the period: $10,000 Prepare the Income statement for the year ended December 31st, 2007 Prepare the Statement of owner’s equity for December 31st, 2007 Prepare the Balance sheet as at December 31st, 2007 Prepare the Closing entries Prepare a Post-closing Trial Balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The attached image shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007.


Requirements:
Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007
a. Supplies used during the period - $5000
b. All of the prepaid insurance expired at year end
c. Depreciation expense – Building : $50,000
d. Depreciation expense – Furniture & Fixtures: $10,000
e. Accrued salary expense: $15,000
f. Unearned consultancy revenue at the end of the period: $10,000

Prepare the Income statement for the year ended December 31st, 2007

Prepare the Statement of owner’s equity for December 31st, 2007

Prepare the Balance sheet as at December 31st, 2007

Prepare the Closing entries

Prepare a Post-closing Trial Balance

Mark Wall Consulting Trial Balance as at December 31 2007 A/C Name Unadjus te d Trial Balance DR CR Cash Accounts receivable 60,000 50,000 10,000 120,000 500,000 Supplies Prepaid Insurance Buliding Accumulated depreciation - Building Furniture and Fixtures Accumulated depreciation - Furniture and Fittings Accounts payable Salary Payable Unearned Consultancy revenue Mark Wall, Capital Mark Wall, Withdrawal 300,000 100,000 40,000 20,000 80,000 240,000 250,000 Consultancy revenue Salary expense Supplies Expense Insurance Expense Utilities Expense 625,000 160,000 25,000 Depreciation expense - Furniture and Fixtures Depreciation expense - Building |Advertising expense 30,000 1,305,000 1,305,000
Transcribed Image Text:Mark Wall Consulting Trial Balance as at December 31 2007 A/C Name Unadjus te d Trial Balance DR CR Cash Accounts receivable 60,000 50,000 10,000 120,000 500,000 Supplies Prepaid Insurance Buliding Accumulated depreciation - Building Furniture and Fixtures Accumulated depreciation - Furniture and Fittings Accounts payable Salary Payable Unearned Consultancy revenue Mark Wall, Capital Mark Wall, Withdrawal 300,000 100,000 40,000 20,000 80,000 240,000 250,000 Consultancy revenue Salary expense Supplies Expense Insurance Expense Utilities Expense 625,000 160,000 25,000 Depreciation expense - Furniture and Fixtures Depreciation expense - Building |Advertising expense 30,000 1,305,000 1,305,000
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