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    ADJUSTING AND CLOSING ENTRIES Assignment Nov 20 2020

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    Kayle Mallillin
    Summer Travel organizes monthly travel packages and owns office equipment. The trial balance on November 30, 2019 shows assets of $1,750 cash and $1,210 accounts receivable. Liabilities include $1,640 accounts payable. Expenses include $800 advertising, $3,600 salaries, and $770 rent covering November and December. Adjusting entries are needed for $120 monthly depreciation on the $4,800 office equipment and $385 of the rent allocation.

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    ADJUSTING AND CLOSING ENTRIES Assignment Nov 20 2020

    Uploaded by

    Kayle Mallillin
    323 views4 pages
    Summer Travel organizes monthly travel packages and owns office equipment. The trial balance on November 30, 2019 shows assets of $1,750 cash and $1,210 accounts receivable. Liabilities include $1,640 accounts payable. Expenses include $800 advertising, $3,600 salaries, and $770 rent covering November and December. Adjusting entries are needed for $120 monthly depreciation on the $4,800 office equipment and $385 of the rent allocation.

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    ADJUSTING-AND-CLOSING-ENTRIES-Assignment-Nov-20-2020 (1)

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    Summer Travel organizes monthly travel packages and owns office equipment. The trial balance on November 30, 2019 shows assets of $1,750 cash and $1,210 accounts receivable. Liabilities include $1,640 accounts payable. Expenses include $800 advertising, $3,600 salaries, and $770 rent covering November and December. Adjusting entries are needed for $120 monthly depreciation on the $4,800 office equipment and $385 of the rent allocation.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    323 views4 pages

    ADJUSTING AND CLOSING ENTRIES Assignment Nov 20 2020

    Uploaded by

    Kayle Mallillin
    Summer Travel organizes monthly travel packages and owns office equipment. The trial balance on November 30, 2019 shows assets of $1,750 cash and $1,210 accounts receivable. Liabilities include $1,640 accounts payable. Expenses include $800 advertising, $3,600 salaries, and $770 rent covering November and December. Adjusting entries are needed for $120 monthly depreciation on the $4,800 office equipment and $385 of the rent allocation.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 4

    Summer Travel was organized on September 1, 2019.

    Assume that the accounts are closed and financial


    The company occupies rented office space but owns office equipment estimated to have a useful life of 10
    The unadjusted trial balance for Summer Travel at November 30, 2019 is shown below:
    Unadjusted Trial
    Balance
    Account Title DR CR
    Cash 1,750
    Accounts Receivable 1,210

    Office Equipment 4,800


    Accum. Deprn-Off Eqpt 80
    Accounts Payable 1,640
    Constantino , Capital 7,490
    Constantino , Withdrawal 500
    Service Revenue 4,220
    Advertising Expense 800
    Salaries Expense 3,600
    Rent Expense 770
    13,430 13,430

    Additional Information:

    The rent expense amounting to PHP770 covers rental for the month of November and December 2019.

    Instructions:
    1.  Prepare the adjusting entries necessary for the above problem
    2.  Prepare a worksheet ending November 30, 2019

    ·         adjusted trial balance


    ·         income statement
    ·         balance sheet

    3.  Prepare closing entries


    closed and financial statements are prepared each month.
    ve a useful life of 10 years from date of acquisition, September 1, 2019.

    d December 2019.
    Unadjusted Trial
    Balance Adjustments Adjusted Trial Balance
    Account Title DR CR DR CR DR CR
    Cash 1,750 1750
    Accounts Receivable 1,210
    1210
    Office Equipment 4,800 4800
    Accum. Deprn-Off Eqpt 80 120 40
    Accounts Payable 1,640 385 2005
    Constantino , Capital 7,490 7490
    Constantino , Withdrawal 500 500
    Service Revenue 4,220 4220
    Advertising Expense 800 800
    Salaries Expense 3,600 3600
    Rent Expense 770 385 1135
    Depreciation Expense 120 120
    13,430 13,430 505 505 13955 13715
    Income Statement Balance Sheet
    DR CR DR CR

    4220
    800
    3600

    4400 4220 0 0

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