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BBA 2Y CO.
Unadjusted Trial Balance
| The following is the pre-closing Trial Balance of BBA 2Y CO. prepared on Dec, 31 2020 |
| Name of Accounts | Debit | Credit | |
| Cash | 20,000 | | |
| Merchandise Inventory (1.1.20) | 8,000 | | |
| Office Equipment | 40,000 | | |
| Purchases | 62,000 | | |
| Salaries Expense | 5,500 | | |
| Rent Expense | 5,000 | | |
| Office Supplies | 500 | | |
| Insurance Prepaid | 1,200 | | |
| Accounts Receivable | 20,000 | | |
| Sales Returns | 1000 | | |
| Furniture | 27,300 | | |
| BBA 2Y Drawings | 5,000 | | |
| Unearned Commission | | 5,000 | |
| Sales | | 95,000 | |
| Purchase Returns | | 1000 | |
| BBA 2Y Capital | | 70,000 | |
| Accumulated Dep. On Office equipment | | 2,500 | |
| Accounts payable | | 22,000 | |
| Total | 195,000 | 195,000 | |
Data for adjustments on December 31, 2020
- Merchandise inventory was valued at Rs. 20,000.
- Fee of Rs. 1,700 is still unearned.
- Rent Accrued Rs. 1,000.
- Office Supplies unused Rs. 300.
- Insurance expired, Rs. 900.
- Depreciation on Office Equipment was estimated at Rs. 3,500.
REQUIRED
Prepare Adjusting Entries in General Journal
Prepare Adjusting Trial Balance
Prepare Income Statement in classified report form for the year ended December 31, 2020.
Prepare Balance Sheet in classified account form as of December 31, 2020.
Answer & Explanation
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