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Running Head: BUSINESS ACCOUNTING 14 Running Head: Business Accounting 14 Running Head: BUSINESS ACCOUNTING 14 Running Head: BUSINESS ACCOUNTING 14 Running Head: BUSINESS ACCOUNTING 14 Running Head: B

   

Added on  2021-05-31

14 Pages2171 Words433 Views
Running Head: BUSINESS ACCOUNTING 0Business Accounting

BUSINESS ACCOUNTING 1Table of ContentsQuestion-1..................................................................................................................................2Question-2..................................................................................................................................3Question-3..................................................................................................................................4Question-4..................................................................................................................................6Question-5..................................................................................................................................6Question-6..................................................................................................................................7Trial balance...........................................................................................................................7Reason for Creation................................................................................................................7Reason for recording..............................................................................................................8Purpose of writing an adjusted trial balance...........................................................................8Difference between the adjustment entries and closing journal entries.................................9References................................................................................................................................10

BUSINESS ACCOUNTING 2Question-1Journalise the adjusted transactionsParticularsDebitCreditInterest Expense A/cDr.22520To Interest Payable A/c22520(for interest accrued on the mortgage but not paid)Supplies Expense A/c Dr.562.5To Supplies A/c562.5(for ending supplies in hand recorded)Insurance expense A/c Dr.3600To Prepaid 3600(for reversal of prepaid insurance)4500Prepaid Insurance 4500To Insurance Expense (for adjustment entry passed)Insurance Dr.3000To Cash3000(for amount paid )Depreciation Expense- Furniture10000Depreciation Expense- office Equipment22000Depreciation Expense- Store Equipment16000Depreciation Expense- Automobile22000To Accumulated Depreciation 70000(for depreciation adjusted )Cash A/c Dr.14075To unearned Revenue 14075Unearned RevenueDr.14075To Revenue14705

BUSINESS ACCOUNTING 3Question-2Paul services Trial Balance As At 30 June 2016Account NoAccount NameDebitCreditAdjustments Final Trial Debit CreditDebit Credit101Cash at Bank124800.00140753000135875.00105Accounts Receivable41600.0041600.000.00115Supplies2250.00562.51687.50120Prepaid Insurance4500.003600900.00135Office Furniture56300.0056300.000.00137Acc. Depreciation. - Furniture0.00100000.0010000.00140Office Equipment112600.00112600.000.00141Acc. Depreciation - Equipment0.00220000.0022000.00145Store Equipment168900.00168900.000.00146Acc. Depreciation - Equipment0.00160000.0016000.00170Automobile225200.00225200.000.00171Acc. Depreciation - Automobile0.002200022000.00201Accounts Payable83200.0083200.00201Interest Payable124802225014705

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