Homework answers / question archive / Question - 1 The following account balance were taken from the general ledger of Aslam on June 30, 1994 before adjusting the accounts Name of Accounts Debit Credit Cash 15,000 Account Receivable 19,000 Merchandise Inventory (1/1/94) 41,200 Purchases 112,000 Office Equipment 45,100 Purchase discount 31,000 Carriage in 11,800 Sales Discount 1,200 Sales Revenue 126,200 Commission Income 3,500 Utilities Expense 2,500 Advertising Expense 8,000 Postages and Telephone expense 11,600 Salaries Expense 13,000 Rent Expense 14,500 Prepaid Insurance 11,500 Account Payable 60,000 Aslam Drawings 11,200 Aslam Capital 1,27,000 348,600 348,600 V

Question - 1 The following account balance were taken from the general ledger of Aslam on June 30, 1994 before adjusting the accounts Name of Accounts Debit Credit Cash 15,000 Account Receivable 19,000 Merchandise Inventory (1/1/94) 41,200 Purchases 112,000 Office Equipment 45,100 Purchase discount 31,000 Carriage in 11,800 Sales Discount 1,200 Sales Revenue 126,200 Commission Income 3,500 Utilities Expense 2,500 Advertising Expense 8,000 Postages and Telephone expense 11,600 Salaries Expense 13,000 Rent Expense 14,500 Prepaid Insurance 11,500 Account Payable 60,000 Aslam Drawings 11,200 Aslam Capital 1,27,000 348,600 348,600 V

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Question - 1 The following account balance were taken from the general ledger of Aslam on June 30, 1994 before adjusting the accounts Name of Accounts Debit Credit Cash 15,000 Account Receivable 19,000 Merchandise Inventory (1/1/94) 41,200 Purchases 112,000 Office Equipment 45,100 Purchase discount 31,000 Carriage in 11,800 Sales Discount 1,200 Sales Revenue 126,200 Commission Income 3,500 Utilities Expense 2,500 Advertising Expense 8,000 Postages and Telephone expense 11,600 Salaries Expense 13,000 Rent Expense 14,500 Prepaid Insurance 11,500 Account Payable 60,000 Aslam Drawings 11,200 Aslam Capital 1,27,000 348,600 348,600 V. Adjustments at the end of the year: 1. Merchandise Inventory Dec 31, 1994 Rs. 6,000 ii. Allowance for Depreciation on equipment 1,300 iii. Allowance for Bad Debts 1,900 iv. Unpaid Salaries amount 1,500 Prepaid Insurance was 1,300 vi. Unearned Commission 500 vii. Rent expense for the year 15,000 viii. Utility Expense for the year 1,300 Advertising Expense for the year 5,600 Instruction Adjusting entries at the end of the year and also prepare Income Statement & Balance Sheet.