Question
GLOBAL DESIGNERS INC
TRIAL BALANCE
AS AT 1/31/2016
UNADJUSTED
BAL (DR)
BAL (CR)
CASH
$ 375,000
ACCOUNTS RECEIVABLE
$ 75,000
ACCRUED REVENUES
$ –
MACHINERY
$ 120,000
ACCUMULATED DEPRECIATION
$ –
PREPAID RENT
$ 12,000
ACCOUNTS PAYABLE
$ 60,000
ACCRUED EXPENSES
$ –
UNEARNED REVENUES
$ 30,000
BANK LOAN
$ 200,000
CAPITAL
$ 208,000
REVENUES
$ 390,000
PURCHASES
$ 300,000
TELEPHONE
$ 6,000
SALARIES EXPENSE
$ –
DEPRECIATION EXPENSE
$ –
RENT EXPENSE
$ –
$ –
TOTAL
$ 888,000
$ 888,000
ADJUSTMENTS NEEDED:
1
PREPAID RENT INCLUDES JAN RENT OF $6,000 AND FEB RENT OF $6000
2
THE COMPANY EARNED $15,000 OF THE UNEARNED REVENUES IN JANUARY 2016
3
THE MACHINERY HAS USEFUL LIFE OF 60 MONTHS
4
THE COMPANY OWED $25,000 IN SALARIES AS AT 1/31/2016
5
THE COMPANY SUPPLIED $30,000 OF GOODS TO MACYS BUT DID NOT BILL AS AT 1/31/2016
PLEASE PREPARE ADJUSTING JOURNAL ENTRIES, ADJUSTED TRIAL BALANCE AND FINANCIAL STATEMENTS
GLOBAL DESIGNERS INC
TRIAL BALANCE
AS AT 1/31/2016
UNADJUSTED
BAL (DR)
BAL (CR)
CASH
$ 375,000
ACCOUNTS RECEIVABLE
$ 75,000
ACCRUED REVENUES
$ –
MACHINERY
$ 120,000
ACCUMULATED DEPRECIATION
$ –
PREPAID RENT
$ 12,000
ACCOUNTS PAYABLE
$ 60,000
ACCRUED EXPENSES
$ –
UNEARNED REVENUES
$ 30,000
BANK LOAN
$ 200,000
CAPITAL
$ 208,000
REVENUES
$ 390,000
PURCHASES
$ 300,000
TELEPHONE
$ 6,000
SALARIES EXPENSE
$ –
DEPRECIATION EXPENSE
$ –
RENT EXPENSE
$ –
$ –
TOTAL
$ 888,000
$ 888,000
ADJUSTMENTS NEEDED:
1
PREPAID RENT INCLUDES JAN RENT OF $6,000 AND FEB RENT OF $6000
2
THE COMPANY EARNED $15,000 OF THE UNEARNED REVENUES IN JANUARY 2016
3
THE MACHINERY HAS USEFUL LIFE OF 60 MONTHS
4
THE COMPANY OWED $25,000 IN SALARIES AS AT 1/31/2016
5
THE COMPANY SUPPLIED $30,000 OF GOODS TO MACYS BUT DID NOT BILL AS AT 1/31/2016
PLEASE PREPARE ADJUSTING JOURNAL ENTRIES, ADJUSTED TRIAL BALANCE AND FINANCIAL STATEMENTS
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more