Question

A. Prepare an unadjusted trial balance for LYM, Inc as of December 31,2018

%) E4-15 (similar to) RDecember 31, 2018 aduating ees Read he Prepaid Insurance: $20,000 December 31 Prepaid Insurance Prepaid Rent S0 50,000 Sales Revnue: $001,500 Wage Expense: $250,000 Utities Expense: $11.,000 21

Begin by posting the adjusting journal entries to the t accounts to obtain the adjusted balances. T accounts have been opened using th balances from the unadjusted trial balance. Use the adjusting journal entry numbers AJE1-AJE4 as posting references to post each adjusting entry to the relevant accounts, then compute the adjusted ending balance of each account.

B. Prepare an adjusted trial balance for LYM, inc as of December 31,2018

Answer 1

Work performed :
Step 1: Opened all ledger accounts
Step 2 : Posted all the given journal entries to respective accounts
Step 3: After posting calculated the closing balance for all the accounts
Step 4: Based on the above computed balances prepared a Trial Balance
Journal accounts as on 31st December 2018
Cash Account
To Opening Balance	550,000	By balance carried forward	550,000
Accounts Receivable
To Opening Balance	5,000	By balance carried forward	5,000
Prepaid Insurance
To Opening Balance	20,000	By insurance expense	20,000
		By balance carried forward	0
Prepaid Rent
To Opening Balance	18,000	By rent expense	9,000
		By balance carried forward	9,000
Equipment
To Opening Balance	90,000	By balance carried forward	90,000
Accumulated Depreciation - Equipment
		By Opening Balance	-
	-	By depreciation expense	6,000
By balance carried forward	6,000
Accounts Payable
		By Opening Balance	50,000
By balance carried forward	50,000
Wages Payable
		To Opening Balance	-
		By wage expense	21,000
By balance carried forward	21,000
Common Stock
By balance carried forward	8,000	By opening balance	8,000
Sales Revenue
By balance carried forward	901,500	By opening balance	901,500
Rent expense
To Opening Balance	9,000
To Prepaid rent	9,000	By balance carried forward	18,000
Wage expense
To Opening Balance	250,000
To Wage payable	21,000	By balance carried forward	271,000
Utilities expense
To Opening Balance	11,000	By balance carried forward	11,000
Insurance expense
To Opening Balance	6,500
To Prepaid Insurance	20,000	By balance carried forward	26,500
Depreciation expense
To Opening Balance	-
To Accumulated depreciation	6,000	By balance carried forward	6,000
Trial Balance as on 31st Dec 2018
Account	Debit	Credit
Cash Account	550,000
Accounts Receivable	5,000
Prepaid Insurance	-
Prepaid Rent	9,000
Equipment	90,000
Accumulated Depreciation - Equipment		6,000
Accounts Payable		50,000
Wages Payable		21,000
Common Stock		8,000
Sales Revenue		901,500
Rent expense	18,000
Wage expense	271,000
Utilities expense	11,000
Insurance expense	26,500
Depreciation expense	6,000
Total	986,500	986,500