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Unadjusted trial balance Feb 28
Cash= 20700
Accounts receivable =3000
Land =20
Unadjusted trial balance Feb 28
Cash= 20700
Accounts receivable =3000
Land =20000
Building= 40000
Furniture= 6000
Computer = 2400
Note payable = 55000
Accounts payable = 5000
Cap stock = 30000
Revenue = 4600
Electricity expense= 500
Salary expense= 2000
TOTAL
94600
94600
At December 31, the company has to record the following transactions
Revenues obtained during the las 10 months: $250,000.00 all paid in cash
All expenses of the company during the last 10 months for $58,000
The $55,000 note payable has been issued on January 1 and bears 10% interest rate. Interests are paid every 1st of January. No repayment of the principal has been made
The building has a useful life of 30 years, an estimated salvage value of $5,000
Students are requested to:
Prepare the last entries of the year on the journal (revenues and expenses, adjusting entries)
Prepare the closing entries.
The balance sheet of the company closed at December 31.
Formalities:
Format: An Excel document
This task assesses the following learning outcomes:
Recording business transactions according to US GAAP
Assessing the Journal.
Assessing the Balance sheet.
Assessing the firm’s result.
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