Question

Office Accounting.docx ACCOUNTING Home Insert Page Layout References Mailings Review Chart Picture Shapes WPSArt Comment Envelopes Header and Page Footer Number Watermark Text Box Cash + A/R + Prepaid Supplies + Office - A/D + Land = N/P + A/P + Wages + Unearned + Stock + Retained Insurance Equipment Pay Revenue 7,320 1,800 -2,400 -6,000 5,000 12,000 10,000 1,800 6,000 3,320 +2,400 +6,000 240 240 6,800 5,000 -1,700 6,100 5,500 4,200 -4,200 -100 -4,690 -1,200 7,730 1,900 8.40 240 8,500 6,100 5,500 -100 -4,690 -1,200 11,000 9,030 8,500 12,000 16,800 140 1,800 -1,100 -150 +1,100 -160 -150 -160 -360 360 220 750 -220 750 7,730 2,650 7,300 90 8,500 160 12,000 16,800 140 220 1,440 11,000 8,510 Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet for the month of November 11

          Office
Accounting.docx
ACCOUNTING
Home
Insert
Page Layout
References
Mailings
Review
Chart Picture Shapes WPSArt
Comment Envelopes
Header and Page Footer Number
Watermark
Text Box
Cash + A/R + Prepaid Supplies + Office - A/D + Land = N/P + A/P + Wages + Unearned + Stock + Retained Insurance Equipment Pay Revenue
7,320 1,800 -2,400 -6,000 5,000
12,000 10,000
1,800
6,000
3,320
+2,400 +6,000
240
240 6,800
5,000
-1,700 6,100 5,500 4,200 -4,200 -100 -4,690 -1,200 7,730 1,900 8.40 240
8,500
6,100 5,500
-100
-4,690 -1,200 11,000 9,030
8,500
12,000
16,800 140
1,800
-1,100 -150
+1,100 -160 -150 -160 -360 360 220 750 -220 750 7,730 2,650 7,300 90 8,500 160 12,000 16,800 140 220 1,440 11,000 8,510 Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet for the month of November
11

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office accountingdocx accounting home insert page layout references mailings review chart picture shapes wpsart comment envelopes header and page footer number watermark text box cash ar pre 03722

Added by Betty W.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Supreeta N

06/20/2023

Step 1

Step 1: Calculate the net income for the month of November using the given data. Show more…

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Office Accounting.docx ACCOUNTING Home Insert Page Layout References Mailings Review Chart Picture Shapes WPSArt Comment Envelopes Header and Page Footer Number Watermark Text Box Cash + A/R + Prepaid Supplies + Office - A/D + Land = N/P + A/P + Wages + Unearned + Stock + Retained Insurance Equipment Pay Revenue 7,320 1,800 -2,400 -6,000 5,000 12,000 10,000 1,800 6,000 3,320 +2,400 +6,000 240 240 6,800 5,000 -1,700 6,100 5,500 4,200 -4,200 -100 -4,690 -1,200 7,730 1,900 8.40 240 8,500 6,100 5,500 -100 -4,690 -1,200 11,000 9,030 8,500 12,000 16,800 140 1,800 -1,100 -150 +1,100 -160 -150 -160 -360 360 220 750 -220 750 7,730 2,650 7,300 90 8,500 160 12,000 16,800 140 220 1,440 11,000 8,510 Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet for the month of November 11

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Transcript

00:01 Hello students, let us solve a problem.

00:02 So, here are some activities are given.

00:04 So, activity 2, there is a table given in the question, this table and trial balance is given.

00:11 So, they already solved the trial balance.

00:13 They are asking us to solve the adjustments, income statement and balance sheet.

00:19 So, let us solve the problem.

00:21 First thing is adjustments, debtor and creditor.

00:24 So, when it comes to an adjustment, bank side as per the given data in the question.

00:29 So, debit side it is nil, credit side is also nil, account receivable also nil on both side, office supplies will be debit side it is nil, credit side it is 1000, 525 ,000 dollars and next is prepaid insurance under debit side it is nil, under credit side it is 431 .50 dollars, automobiles it is nil, personal library, professional library is nil, accounts payable is 90 under credit side, hst payable is nil, hst recoverable is nil.

01:11 The next item is young low capital that is also nil, drawings are nil, fees earned are nil, car expenses is nil, utility is not there, miscellaneous expenses is not comes under adjustment, rent is also not there, salary not there, telephone not there.

01:37 The next thing is supply expenses.

01:40 So, supply expenses is given that is 1525 that is 1525 dollars, insurance expenses is 431 .50 dollars, hydro expenses will be 90.

01:54 So, when we total up this we get answer as 2046 .50 dollars, 2046 .50 dollar is our answer for adjustment.

02:09 So, all this amount we write under debit side to balance both the side.

02:13 So, that comes to 2046 .50 dollars both the side.

02:18 So, our data rent creditors are equal...

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