a.
Assets | ||
Furniture | 36000-(3120*1/12) | 35740 |
Prepaid Insurance | 3000*11/12 | 2750 |
Supplies | Given | 230 |
Prepaid Rent | 1200*15/30 | 600 |
Cash/Bank | See Note | 2190 |
TOTAL | 41510 | |
Liabilities and Capital | ||
Short term Loan | Given | 42000 |
Interest O/s thereon | 42000*8%*1/12 | 280 |
Unearned Service Revenue | 840*(100-20)% | 672 |
Telephone and internet Charges payable | 410 | |
Capital | ||
Net Income/(Loss) | -1852 | |
TOTAL | 41510 |
b.
Service Revenue | 840*20/100 | 168 |
Less: | ||
Insurance | 3000*1/12 | 250 |
Supplies | 450-230 | 220 |
Telephone and Internet | 410 | |
Rent | 1200*15/30 | 600 |
Depreciation | 3120*1/12 | 260 |
Interest | 280 | |
Net Income/(Loss) | -1852 |
Note:
Loan | 42000 | Furniture | 36000 |
bank trfr | 840 | Supplies | 450 |
rent | 1200 | ||
Insurance | 3000 | ||
Balance c/d | 2190 | ||
42840 | 42840 |
depreciation : (36000- 4800)/10 = 3120 pa.
Hui Yu, lawyer, had the following transactions related to the business during June 2019. 1 Purchased...
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