AIA101-Introduction to Accounting Assignment for Fall 2023
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XYZ Company’s Trial Balance, as of January 31, 2021, is presented below:
| (USD) | ||
| Cash | 2.800 | |
| Accounts Receivable | 8.200 | |
| Supplies | 3.300 | |
| Prepaid Rent | 3.600 | |
| Equipment | 6.000 | |
| Accounts Payable | 2.200 | |
| Unearned Revenues | 1.800 | |
| Capital | 10.000 | |
| Revenues | 12.000 | |
| Salary Expense | 2.100 | |
| Total | 26.000 | 26.000 |
- On Jan 31, 2021, there is $2,600 of Supplies remained.
- Prepaid rent was paid at the beginning of January 2021 for 4 future months.
- Equipment was purchased at the beginning of January 2021. Its estimated economic life is 10 years.
- The $1,800 of Unearned Revenues is received on January 10, 2021. It is learned that $1,300 of $1,800 was rendered for the customer.
- According to the electricity counter, $300 worth of electricity consumed in January 2023 (Bill not received yet and the consumption was not recorded before.)
- A $50 telephone bill received and it will be paid up to February 20, 2021.
- XYZ Company rendered a service for a customer but not received the value and this activity was not recorded during January 2021.
Requests:
- Record adjusting entries for 6.1, 6.2, 6.3, 6.4, 6.5, 6.6, and 6.7 in Journal book and post these journal entries to the Ledger book (5 points).
- Prepare the Adjusted Trial Balance (5 points).
