Question 4: Following is the Trial Balance of Aslam Stores prepared on December 31, 2005....
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Question 4: Following is the Trial Balance of Aslam Stores prepared on December 31, 2005. Account Titles Debit Credit Cash Rs. 25000 Accounts Receivables 45000 Prepaid Insurance 15000 Office Supplies 10000 Furniture 50000 Accumulated Depreciation - Furniture Rs. 7500 Equipment 30000 Accounts payable 30000 Unearned consultation 20000 Capital - Aslam 98500 Drawings - Aslam 6000 Commission Revenue 60000 Service Income 30000 Salaries Expense 30000 Rent Expense 20000 Store Supplies Expense 15000 Additional informations on December 31, 2005: a. Office Supplies is unused Rs. 2500. b. Insurance is prepaid to the extent of Rs. 5000. Store Supplies is used Rs. 12000. C. d. e. f. Accrued Salaries Expense Rs. 10000. Accrued Service Income Rs. 20000. Consultation is unearned Rs. 5000. Commission revenue is unearned Rs. 10000. Rent is prepared Rs. 8000 Estimated Depreciation on Furniture is @ 5% and on equipment is @ 10%. g h. i. Required: a. Give Adjusting entries. b. Prepare Adjusted Trial Balance c. Prepare Income Statement d. Prepare Statement of Owner's Equity e. Prepare Balance Sheet
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