Given the following trail Balance and adjustment data for the A Ltd , Your task...
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Accounting
Given the following trail Balance and adjustment data for the A Ltd , Your task is prepare a work-sheet for the month of November, the first month of operations in a new fiscal year.
The A Ltd Trial Balance November 30, 2021
Dr
Cr
Cash
381300
Accounts Receivable
282000
Prepaid Rent
85000
Painting Supplies
92100
Studio Equipment
598500
Accumulated Depreciation , Studio Equipment
199500
Accounts payable
178800
A Ltd , Capital
582800
Painting Revenue
781600
Advertising Expense
51000
Utilities Expense
27800
Wages Expense
225000
Totals
1742700
1742700
Completing a worksheet
Net income $3690.25
Adjustment data :
1)Painting supplies on hand, $595
2)Prepaid rent represents the first and last months rent on a new office lease singed November 1, 2018.
3)Depreciation on studio equipment is based on straight-line, five year life and a residual value of $480
4)Wages earned but un-paid amounted to 24.5 hours at $10 per hour
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