Individual assignment
Coc based project
The following trial balance of xyz company as December 1,2013 that doesn’t indicated balance but have reason for balance
Acc description. Debt Credit
Cash. 3752
Account receivable. 5688
Supplies. 1457
Prepaid insurance. 100
Equipment. 14600
Note payable. 13000
Account payable. 2960
Xyz capital. 10042
Xyz drawing. 3500
Sales. 38200
Wage expense. 21400
Rent expense. 4500
Advertising expense. 200
Utility expense. 900
Total. 56092. 64202
Additional information for trial balance
1.
The balance of cash was over it asset by amount of 1000 from the transaction
2.
The cash receipt of 210 was posted debt amount cash 120
3.
Debt of 2000 for withdrawal by amount was posted credit capital account
4.
The balance of 1200 advertising was entered as 200 in the trial balance
5.
Debt of 450 to account receivable was not posted
6.
A return of 310 defective supplies was recorded incorrectly 130 as credit
7.
The balance of note payable was over stated by amount of 3000
8.
An insurance policy acquired by a cost of 200 that was posted credit
9.
Miscellaneous expense with balance of 1060 was omitted from trial balance
10.
Credit of 710 account payable was over 100k by company trial balance
11.
Debt amount of 650 to account receivable was posted correctly but not posted subsidiary ledger of customer account
N.B Adjusting entries
Inventory of supplies on dec 31,2013
Show 277 due to the transaction
Supplies exp…..:…..1000
Supplies………………1000
Insurance expired amount of 350
Insurance exp………..350
Prepaid insurance……..350
Doubt full account for the period is 2% of the account receivable 6133* 0.02= 122.60
Doubt full account……122.66
Allowance for doubt full…….122.66
Task 1.prepare adjusted T balance
Task 2 record the journal entries
Task 3.:prepare income statement
:Balance sheet
=> income statement…..7667.34
=> balance sheet…….23879.34
=> owner equity…….10209.34