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    indera's Avatar
    indera Posts: 1, Reputation: 1
    New Member

    Dec 11, 2008, 12:53 PM
    T-Accounts and Adjusting Trial Balance
    Kate Sue is the owner of Frame Inc. See entries for the month of December 31, 2008

    Dec 1 Laura invested $2000 in her business bank account
    3 Paid $300 for two months rent in advance for an office
    5 Received $860 for sales for which only 795 is earned
    9 Purchase framing supplies for $200 in cash
    12 Purchase $400 of equipment on credit, making a 25% down payment
    18 Made partial payment of $50 on equipment purchase on May 12
    27 Paid a utility of $40
    28 Received drawings of $100

    Adjusting entries:

    1. After inventory count, it was revealed that framing supplies was $50
    2. One month rent had expired
    3. The depreciation for the month is estimated to be $12

    a. Do T-accounts
    b. Prepare trial balance
    c. Prepare adjusting entries and prepare adjusted trial balance
    d. Prepare Income statement, owners equity Statement, Cash Flow Statement and balance Sheet
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member

    Dec 11, 2008, 01:13 PM

    Do your work first.

    Remember for each entry you will have a debit and a credit journal entry.

    Your debits should equal your credits.
    Curlyben's Avatar
    Curlyben Posts: 18,481, Reputation: 1857
    Admin & Wine Expert

    Dec 12, 2008, 03:57 PM
    Thank you for taking the time to copy your homework to AMHD.
    Please refer to this announcement: Ask Me Help Desk - Announcements in Forum : Homework Help

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