The Following Trial Balance Reflecting The Year End Balances As On 31st Dec 2020 Is Given Below Cash Accounts Receivabl 1 (54.27 KiB) Viewed 8 times
The Following Trial Balance Reflecting The Year End Balances As On 31st Dec 2020 Is Given Below Cash Accounts Receivabl 2 (54.27 KiB) Viewed 8 times
The following trial balance reflecting the year end balances as on 31st Dec 2020 is given below: Cash Accounts Receivable Equipment at cost Accumulated depreciation Equipment Accounts Payable Retained Earnings Capital Stock Dr. 48,400 77,000 96,000 Cr. 16,000 75,600 54,800 75,000 221,400 221,400 The following financial transactions occurred during the financial year 01st Jan-31st Dec 2021: 01.05th Jan - Additional shares were issued for cash worth 155,000. 02. 1st June - Received 120,000 cash in advance for services to be performed in the future. 03. 25th Aug - Provided services to customers worth 185,000 and were billed for payments. 04. 22nd Sept - Collected 85,000 cash from accounts receivables. 05. 12th Nov - Paid operating expenses of 81,500 in cash. Required: a) Adjusted Trial Balance as at 31st Dec 2021; b) Income Statement for the year ended 31st Dec 2021; c) Statement of Changes in Stock Holders' Equity for the year ended 31 Dec 2021 & d) Balance Sheet as at 31 Dec 2021. The following entries required adjustments as on 31st Dec 2021: 06. The cash advance for services to be provided in the future was collected for one year contract. 07. Accrued but unpaid salaries expense amounted to 41,000. 08. Depreciation on equipment's is applicable @ 20%.
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