Question
FINAL EXAM
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
FINAL EXAM
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
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