Business Accounting: Trial Balance, Adjusting Entries, Adjusted Trial Balance, Closing Entries

Running Head: BUSINESS ACCOUNTING 0
Business Accounting

BUSINESS ACCOUNTING 1
Table of Contents
Question-1..................................................................................................................................2
Question-2..................................................................................................................................3
Question-3..................................................................................................................................6
Question-4..................................................................................................................................7
Question-5..................................................................................................................................8
Question-6..................................................................................................................................9
Trial balance overview...........................................................................................................9
Purpose for Creation.............................................................................................................10
Adjusting entries...................................................................................................................11
Purpose of writing an adjusted trial balance.........................................................................11
Difference between the adjustment entries and closing journal entries...............................12
References................................................................................................................................14

BUSINESS ACCOUNTING 2
Question-1
Particulars Debit Credit
Interest Expense A/c Dr. 12800
To Interest Payable A/c 12800
(for interest accrued on the mortgage but not paid)
Supplies Expense A/c Dr. 320
To Supplies A/c 320
(for ending supplies in hand recorded)
Insurance expense A/c Dr. 512
To Prepaid 512
(for reversal of prepaid insurance)
Prepaid Insurance 2560
To Insurance Expense 2560
(for adjustment entry passed)
Insurance Dr. 460
To Cash 460
(for amount paid )
Depreciation Expense- Furniture 6000
Depreciation Expense- office Equipment 12000
Depreciation Expense- Store Equipment 8700
Depreciation Expense- Automobile 12000

BUSINESS ACCOUNTING 3
To Accumulated Depreciation 38700
(for depreciation adjusted )
Cash A/c Dr. 8000
To unearned Revenue 8000
Unearned Revenue Dr. 8000
To Revenue 8000
Question-2
Paul services Trial Balance As At 30 June 2016
Accoun
t No Account Name Debit
Credi
t Adjustments
Final
Trial
Debit
Credi
t Debit Credit
101 Cash at Bank
27560.
00 8000 460
35100.
00
105 Accounts Receivable
9190.0
0
9190.0
0 0.00
115 Supplies
1280.0
0 320 960.00
120 Prepaid Insurance
2560.0
0 512
2048.0
0
135 Office Furniture
32000.
00
32000.
00 0.00