(Answered)-Question One: On January 1, 2016, Mubarak starts a new computer

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(Answered)-Question One: On January 1, 2016, Mubarak starts a new computer

kindly, check the attached file, it has 2 questions needed to be done

Question One:

On January 1, 2016, Mubarak starts a new computer programming centre which he names

Microsoft. During the first month of operations, the following transactions occurred:

1- Invested $275,000 in cash in the business.

2- Purchased equipment for 95,000, paying $35,000 in cash and signing a note payable for the

remaining balance.

3- Paid $3,500 cash for January rent.

4- Received a bill from Sky News for advertising amounted to $850.

5- Provided programming services for $25,250 cash.

6- Paid $5,525 cash for January utilities.

7- Paid $500 cash for salaries.

8- Mubarak made an additional investment in the business amounted to $115,500.

9- Mubarak withdrew $2,500 cash for personal use.

10- Purchased supplies on account for $50,000.

Required:

a. Prepare journal entries for the above transactions.

b. Post to the ledger.

c. Prepare the trial balance.

Question Two:

Sky Advertising Agency

Trial Balance

April 30, 2016

Cash

Supplies

Prepaid Insurance

Equipment

Notes Payable

Accounts Payable

Unearned Service Revenue

Owner?s Capital

Owner?s Drawing

Service Revenue

Salaries Expense

Rent Expense

Utilities Expense

Total

Debit

$38,000

6,250

1,500

12,500

Credit

$12,500

6,250

3,000

25,000

1,250

25,000

10,000

1,250

1,000

71,750

Other information:

1. Supplies of $2,000 are used on April.

2. Depreciation for the month $500.

3. Accrued salaries on April 30 are $4,000.

4. Services performed but not recorded on April 30 are $1,000.

5. Expired insurance for April are $250.

6. Services related to unearned service revenue in April worth $1,500 were provided.

Required:

a. Prepare the adjusting entries on April 30, 2016.

b. Prepare the adjusted trial balance.

c. Prepare the financial statements on April 30, 2016.

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DATE ANSWERED

Oct 07, 2020

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