Homework Answers
A)
| 1) | Adjusting Entries | ||||
| Particulars | Debit | Credit | |||
| a) | Interest Expense | € 960.00 | |||
| To Interest Payable | € 960.00 | ||||
| (16000 x 6%) | |||||
| b) | Unearned Revenue | € 1,500.00 | |||
| To Revenue | € 1,500.00 | ||||
| c) | Depreciation Expense | € 3,160.00 | |||
| To Accumulated Depreciation | € 3,160.00 | ||||
| d) | Interest Receivable | € 170.00 | |||
| To Interest Revenue | € 170.00 | ||||
| e) | Prepaid Rent | € 2,400.00 | |||
| To Rent Expense | € 2,400.00 | ||||
| (4800 / 2) | |||||
| f) | Revenue | € 600.00 | |||
| To Unearned Revenue | € 600.00 | ||||
| g) | Insurance Expense | € 3,600.00 | |||
| To Prepaid Insurance | € 3,600.00 | ||||
| Unadjusted | Adjustments | Adjusted | ||||||||
| Particulars | Debit | Credit | Debit | Credit | Debit | Credit | ||||
| Inventory | € 3,000.00 | € 3,000.00 | ||||||||
| Accounts Receivable | € 6,500.00 | € 6,500.00 | ||||||||
| Bank Deposits | € 12,000.00 | € 12,000.00 | ||||||||
| Prepaid Insurance | € 3,600.00 | € 3,600.00 | € - | |||||||
| Interest Revenue | € 170.00 | € 170.00 | ||||||||
| Prepaid Rent | € 2,400.00 | € 2,400.00 | ||||||||
| Machinery | € 38,000.00 | € 38,000.00 | ||||||||
| Accumulated Depreciation | € 6,000.00 | € 3,160.00 | € 9,160.00 | |||||||
| Accounts Payable | € 4,500.00 | € 4,500.00 | ||||||||
| Wages Payable | € 1,300.00 | € 1,300.00 | ||||||||
| Unearned Revenue | € 2,100.00 | € 1,500.00 | € 600.00 | € 1,200.00 | ||||||
| Long term Loans | € 16,000.00 | € 16,000.00 | ||||||||
| Advances from Customers | € 1,800.00 | € 1,800.00 | ||||||||
| Interest Payable | € 960.00 | € 960.00 | ||||||||
| Share Capital | € 15,000.00 | € 15,000.00 | ||||||||
| Retained Earnings | € 13,000.00 | € 13,000.00 | ||||||||
| Revenue | € 13,000.00 | € 600.00 | € 1,500.00 | € 13,900.00 | ||||||
| Interest Revenue | € 170.00 | € 170.00 | ||||||||
| Rent Expense | € 9,600.00 | € 2,400.00 | € 7,200.00 | |||||||
| Insurance Expense | € 3,600.00 | € 3,600.00 | ||||||||
| Depreciation Expense | € 3,160.00 | € 3,160.00 | ||||||||
| Interest Expense | € 960.00 | € 960.00 | ||||||||
| Income Tax | ||||||||||
| € 72,700.00 | € 72,700.00 | € 12,390.00 | € 12,390.00 | € 76,990.00 | € 76,990.00 | |||||
2)
| Closing Entries | ||||
| Particulars | Debit | Credit | ||
| Revenue | € 13,900.00 | |||
| Interest Revenue | € 170.00 | |||
| To Income Summary | € 14,070.00 | |||
| Income Summary | € 14,920.00 | |||
| To Rent Expense | € 7,200.00 | |||
| To Insurance Expense | € 3,600.00 | |||
| To Depreciation Expense | € 3,160.00 | |||
| To Interest Expense | € 960.00 | |||
| Retained Earnings | € 850.00 | |||
| To Income Summary | € 850.00 | |||
2. Post Closing Trial Balance
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