ABC Art Agency Accounting Assingment Help With Solution

Posted on April 18, 2017

ABC Art Agency Accounting Assingment Help With Solution

 

ABC Art Agency was founded in January 2012. Presented below is the trial balance as of June30, 2014, the end of the company’s fiscal year.

 

ABC Art Agency

Trial Balance

June 30, 2014

DebitCredit
Cash$72,200
Accounts Receivable89,500
Allowance for Doubtful Accounts$  1,800
Notes Receivable45,500
Art Supplies35,700
Prepaid Rent22,500
Printing Equipment225,000
Accumulated Depreciation – Printing Equipment67,500
Notes Payable33,800
Accounts Payable25,500
Unearned Advertising Revenue35,800
Share Capital – Ordinary214,000
Retained Earnings32,500
Dividends9,200
Advertising Revenue224,750
Salaries Expense86,300
Utilities Expense17,600
Insurance Expense13,750
Miscellaneous Expense18,400
$635,650$635,650

 

 

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1- Prepare the adjusting entries for these accounts:
– Art supplies
– Depreciation
– Receivables
– Payables
– Salaries expense
– Rent Expense
– Unearned Advertising Revenue
2- Post the adjusting entries to the ledger
3- Prepare an adjusted trial balance
4- Prepare the worksheet
5- Prepare financial statements
6- Journalize and post-closing entries
7- Prepare a post-closing trial balance

 

Product Code :Acc48

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