question archive From the following selected ending ledger balance extracted from the ledger book of Aman's Accounting Practice Pty Ltd during December 2019, prepare the unadjusted Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pty Ltd
From the following selected ending ledger balance extracted from the ledger book of Aman's Accounting Practice Pty Ltd during December 2019, prepare the unadjusted Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pty Ltd
Subject:AccountingPrice: Bought3
From the following selected ending ledger balance extracted from the ledger book of Aman's Accounting Practice
Pty Ltd during December 2019, prepare the unadjusted Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pty Ltd."
Aman's Accounting Practice Pty Ltd.
Ending Ledger Balance
31 December 2019
Account Title
Ending balance
Debit ($)
Credit ($)
Cash
343,700
Prepiad internet
100
Books & Stationeries
35,900
Prepaid Insurance
18,000
Prepaid Internet
$200
Land
35,000
Buildings
125,000
Equipment
66,000
Depreciation
2,000
Service Revenue
77,500
Salaries Expense
27,500
Rent Expense
7,500
Administrative Expense
10,000
Utilities Expense
2,500
Advertising Expense
10,800
Accounts Payable
30,700
Salaries Payable
12,500
Unearned Service Revenues
9,000
Mortgage Payable
70,000
Adam's Equity
500,000
Drawings
17,500
Total
1,399,000
Additional Adjustments need to be incorporated:
1. Depreciation expenses for building need to be recognized for $1,500.
2. Interest expenses incurred but not recognized amounting $500.
3. Prepaid internet plan expired and need to be recognized $100.
4. 50% of the prepaid insurance expired.
5. $5,000 of unearned service revenues earned but not recorded.
Aman's Accounting Practice Pty Ltd.
Ending Ledger Balance
31 December 2019
Account Title
Debit ($)
Credit ($)
Cash
Prepiad internet
Books & Stationeries
Prepaid Insurance
Prepaid Internet
Land
Buildings
Equipment
Depreciation
Service Revenue
Salaries Expense
Rent Expense
Administrative Expense
Utilities Expense
Advertising Expense
Accounts Payable
Salaries Payable
Unearned Service Revenues
Mortgage Payable
Adam's Equity
Drawings
Total
[10 Marks]
Aman's Accounting Practice Pty Ltd.
Income Statement
31 December 2019
Account Title
Debit
Credit
Service Revenue
Salaries Expense
Rent Expense
Administrative Expense
Utilities Expense
Advertising Expense
Depreciation expenses
Interest expenses
Internet expenses
Insurance expenses
Net Profit
Total
[05 Marks]
Aman's Accounting Practice Pty Ltd.
Balance Sheet
31 December 2019
Account Title
Debit ($)
Credit ($)
Cash
Books & Stationeries
Prepaid Insurance
Land
Buildings
Equipment
Accounts Payable
Salaries Payable
Unearned Service Revenues
Mortgage Payable
Adam's Equity
Drawings
Net Profit
Total
