kindly, check the attached file, it has 2 questions needed to be done
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
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.
a. Prepare journal entries for the above transactions.
b. Post to the ledger.
c. Prepare the trial balance.
Sky Advertising Agency
April 30, 2016
Unearned Service Revenue
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.
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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