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-   -   T-Accounts and Adjusting Trial Balance (https://www.askmehelpdesk.com/showthread.php?t=291051)

  • Dec 11, 2008, 12:53 PM
    indera
    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
  • Dec 11, 2008, 01:13 PM
    pready

    Do your work first.

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

    Your debits should equal your credits.
  • Dec 12, 2008, 03:57 PM
    Curlyben
    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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