Required:
Complete the adjustment journal by indicating which account to debit and to credit.
|
No |
Transaction |
Account Dr |
Account Cr |
|
1. |
Portion of prepaid insurance which has now expired (been used up) |
||
|
2. |
Revenue earned but not yet received or billed |
||
|
3. |
Insurance expense which has not been used up (there is still future cover) |
||
|
4. |
Portion of recognised revenue which is considered unearned |
||
|
5. |
Expenses incurred but not yet paid |
||
|
6. |
Revenue received in advance which is now earned |
Question 2 18 Marks
From the information given below prepare the income statement, statement of owner’s equity and balance sheet (classify balance sheet entries)
|
CUD SERVICES Trial Balance as at 31 December 2019 |
|||||||||
|
Account |
Debit $ |
Credit $ |
|||||||
|
Cash at bank Accounts receivable Office supplies Prepaid insurance Long-term bank loan Equipment Accumulated depreciation – equipment Accounts payable Capital Drawings Accounting services revenue Salaries expense Advertising expense Repairs expense Sundry expense Electricity expense Telephone expense Interest on bank loan expense |
6 200 20 000 7 260 1 725 82 800 27 000 43 250 2 250 1 260 7 520 3 405 2 620 1 350 |
35 000 14 600 15 000 ? 126 500
|
|||||||
|
$ |
$ |
||||||||
|
Income statement |
||
|
Statement of owners’ equity |
||
|
Balance sheet |
||
|
Assets |
||
|
Liabilities and Owner’s Equity |
||
Question 3 10 Marks
Required:
Use the following information from the records of Preston Partners to prepare an income statement under the periodic inventory system for the year ended 30 June 2017.
|
Purchases Inventory, 1 July 2016 Inventory, 30 June 2017 Selling and distribution expenses Sales Purchases returns and allowances Sales returns and allowances Administrative expenses Freight inwards Finance expenses |
186 600 13 860 12 920 45 420 268 860 4 420 6 220 16 460 3 180 2 020 |
|
Income statement |
||
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