Mohammad Abdulla's Electric House 31, December 2021 Unadjusted Trail balance Cash $200,000 Accounts Receivable 10,000 Supply 1,000 Prepaid Insurance 12,000 Equipment 80,000 Accumulated depreciation-Equipment $5,000 Accounts payable 15,000 Unearned service revenue 6,000 Loan payable 50,000 Owner’s Capital 184,000 Owner’s Drawings 2,000 Service Revenues 55,000 Salaries expense 8,000 Cleaning expense 2,000 $315,000 $315,000 1. Supplies on hand revealed at 31, December $300. 2. Prepaid insurance was paid on 1 July 2021 for 12 months. 3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salary expense per day $500, December 31 is Wednesday. Employees are paid on Monday for the preceding 5 days work week. 5. One third of the unearned service revenue has been earned. Requirements: a) Journalize the adjusting entries for the year ended 31, December 2021. b) Complete the worksheet for the year ended 31, December 2021.

Mohammad Abdulla's Electric House 31, December 2021 Unadjusted Trail balance Cash $200,000 Accounts Receivable 10,000 Supply 1,000 Prepaid Insurance 12,000 Equipment 80,000 Accumulated depreciation-Equipment $5,000 Accounts payable 15,000 Unearned service revenue 6,000 Loan payable 50,000 Owner’s Capital 184,000 Owner’s Drawings 2,000 Service Revenues 55,000 Salaries expense 8,000 Cleaning expense 2,000 $315,000 $315,000 1. Supplies on hand revealed at 31, December $300. 2. Prepaid insurance was paid on 1 July 2021 for 12 months. 3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salary expense per day $500, December 31 is Wednesday. Employees are paid on Monday for the preceding 5 days work week. 5. One third of the unearned service revenue has been earned. Requirements: a) Journalize the adjusting entries for the year ended 31, December 2021. b) Complete the worksheet for the year ended 31, December 2021.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 44P

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