Question

BEGINNING NUMBERS JANUARY ENTRIES ADJUSTMENTS ADJUSTED TRIAL BALANCE 49,200 37586 8950 63.210 11500 5.650 9,000 UNADJUSTED TRPlease fill out the journal entry and then fill out the blue section of the worksheet entry based on the information which is in blue. This is an accounting project 1 part 2. Please complete this as soon as possible. Thank you.

ADJUSTING JOURNAL ENTRIES - ZKTZ Consulting Inc ACCOUNT DEBIT CREDIT DATE 31-JanBEGINNING NUMBERS JANUARY ENTRIES ADJUSTMENTS ADJUSTED TRIAL BALANCE UNADJUSTED TRIAL BALANCE DEBIT CREDIT ACCOUNT DEBIT CREDAmount Amount At the end of January, the following additional information is available to help determine what adjustments are

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Answer #1

The solution is provided below.

There are some assumptions taken because of lack of information.

1. Interest rate on notes payable 12%

2.Prepaid rent is of 12 month

3.Unearned revenue is of 12 month.

(If the following assumptions are incorrect just change vealues in calculation.)

Also Depreciation is shown in a single account and the assets are net of depriciation.

Date Account Debit Amount $ Credit Amount $
31-01-2020 Interest Expense - Dr 300.00
Interest Payable - Cr 300.00
(being interest accrued. Assumed 12% p.a = 30000 x 12% x 1/12)
31-01-2020 Account Receivables - Dr 6985.00
Service Revenue - Cr 6985.00
(being pending service reveue Recognized)
31-01-2020 Supplies Expenses -Dr 11560.00
Supplies - Cr 11560.00
(being supplies expenses for the month = 16240- 4680)
31-01-2020 Rent Expense -Dr 750.00
Prepaid Rent - Cr 750.00
(assumed that rent was prepaid of 12 months. = 9000/12)
31-01-2020 Depreciation -Dr 380.00
Computer Equipment - Cr 295.00
Office Furniture - Cr 85.00
(being depreciation for the month)
31-01-2020 Unearned Revenue -Dr 980.00
Service Revenue - Cr 980.00
(assumed 12 months advance so =11760/12)
31-01-2020 Salaries Expense -Dr 6560.00
Salaries Payable - Cr 6560.00
(being salary for the month recorded)
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Debit $ Credit $ Debit $ Credit $ Debit $ Credit $
Common Stock 175000.00 175000.00
Dividends 500.00 500.00
Long-Term Notes Payable 30000.00 30000.00
Sundry Creditors 5650.00 5650.00
Interest Payable 300.00 300.00
Salaries Payable 6560.00 6560.00
Unearned Revenue 11760.00 980.00 10780.00
Computer Equipment 67500.00 295.00 67205.00
Land 58300.00 58300.00
Office Furniture 8950.00 85.00 8865.00
Sundry Debtors 2550.00 6985.00 9535.00
Cash 74824.00 74824.00
Prepaid Rent 9000.00 750.00 8250.00
Supplies 16240.00 11560.00 4680.00
Service Revenue 24000.00 7965.00 31965.00
Depriciation 380.00 380.00
Interest Expense 300.00 300.00
Rent Expense 750.00 750.00
Salaries Expense 6560.00 6560.00 13120.00
Supplies Expenses 11560.00 11560.00
Utilities Expenses 1986.00 1986.00
Grand Total 246410.00 246410.00 27515.00 27515.00 260255.00 260255.00

Please mind if there is changes in arrangements.

Also if your need any changes in the above answer or explanation, feel free to comment, I will be happy to help.

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