Accounting Assignment: Trial Balance, Adjusting Entries, and Closing Entries

BUSINESS
ACCOUNTING
ASSIGNMENT
ANKUR PATEL
K170960
KENT INSITUTE OF AUSTRALIA

Contents
Question-1.........................................................................................................................................................1
Question-2.........................................................................................................................................................1
Question-3.........................................................................................................................................................3
Question-4.........................................................................................................................................................3
Question-5.........................................................................................................................................................3
Question-6.........................................................................................................................................................4
Trial balance.................................................................................................................................................4
Reason for Creation...................................................................................................................................4
Reason for recording.................................................................................................................................5
Purpose of writing an adjusted trial balance....................................................................................5
Difference between the adjustment entries and closing journal entries................................6
References........................................................................................................................................................ 7

Question-1
Particulars Debit Credit
Interest Expense A/c Dr. 134800
To Interest Payable A/c 134800
(for interest accrued on the mortgage but not paid)
Supplies Expense A/c Dr. 3370
To Supplies A/c 3370
(for ending supplies in hand recorded)
Insurance expense A/c Dr. 5392
To Prepaid 5392
(for reversal of prepaid insurance)
Prepaid Insurance 26960
To Insurance Expense 26960
(for adjustment entry passed)
Insurance Dr. 6160
To Cash 6160
(for amount paid )
Depreciation Expense- Furniture 66000
Depreciation Expense- office Equipment 134000
Depreciation Expense- Store Equipment 101000
Depreciation Expense- Automobile 134000
To Accumulated Depreciation 435000
(for depreciation adjusted )
Cash A/c Dr. 84250
To unearned Revenue 84250
Unearned Revenue Dr. 84250
To Revenue 84250