Homework answers / question archive / From the following selected ending ledger balance extracted from the ledger book of Amanda Accounting Practice Pt y Ltd during December 2019, prepare the adjuster Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pt y Ltd

From the following selected ending ledger balance extracted from the ledger book of Amanda Accounting Practice Pt y Ltd during December 2019, prepare the adjuster Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pt y Ltd

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From the following selected ending ledger balance extracted from the ledger book of Amanda Accounting Practice Pt y Ltd during December 2019, prepare the adjuster Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pt y Ltd."

Amanda Accounting Practice Pt y Ltd.

Ending Ledger Balance

31 December 2019

Account Title

Ending balance

Debit ($)

Credit ($)

Cash

        343,700

books & Stationeries

          35,900

Prepaid Insurance

          18,000  

Land

          35,000

Buildings

        125,000

Equipment

          66,000

Service Revenue

          77,500

Salaries Expense

          27,500

Rent Expense

             7,500

Administrative Expense

          10,000

Utilities Expense

             2,500

Advertising Expense

          10,800

Accounts Payable

          30,700

Salaries Payable

          12,500

Unearned Service Revenues

             9,000

Mortgage Payable

          70,000

Adam's Equity

        500,000

Drawings

          17,500

Total

1,399,000 

 

 

 

 

Additional Adjustments need to be incorporated:

1.    Depreciation expenses for building need to be recognized for $1,500.

2.    Interest expenses incurred but not recognized amounting $500.

3.    Prepaid internet plan expired and need to be recognized $100.

4.    50% of the prepaid insurance expired.

5.    $5,000 of unearned service revenues earned but not recorded.

 

 

Amanda Accounting Practice Pty Ltd.

Ending Ledger Balance

31 December 2019

Account Title

Debit ($)

Credit ($)

Cash  

Books & Stationery

Prepaid Insurance

Land

Buildings  

Equipment

Service Revenue

Salaries Expense

Rent Expense

Administrative Expense

Utilities Expense

Advertising Expense

Accounts Payable

Salaries Payable

Unearned Service Revenues

Mortgage Payable

Adam's Equity

Drawings

Total

 

 

 

[10 Marks]

 

Amanda Accounting Practice Pt y Ltd.

Income Statement

31 December 2019

Account Title

Debit

Credit

Service Revenue

Salaries Expense

Rent Expense

Administrative Expense

Utilities Expense

Advertising Expense

Net Profit

Total

 

 

 

[05 Marks]

 

Amanda Accounting Practice Pty Ltd.

Balance Sheet

31 December 2019

Account Title

 Debit ($)

 Credit ($)

Cash

Books & Stationery

Prepaid Insurance

Land

Buildings

Equipment

Accounts Payable

Salaries Payable

Unearned Service Revenues

Mortgage Payable

Adam's Equity

  Drawings

Net Profit

Total

 

 

 

[05 Marks]