Question Details
(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
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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STATUSAnswered
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DATE ANSWEREDOct 07, 2020
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