question archive From the following selected ending ledger balance extracted from the ledger book of Amanda Accounting Practice Pt y Ltd during December 2019, prepare the adjuster Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pt y Ltd
From the following selected ending ledger balance extracted from the ledger book of Amanda Accounting Practice Pt y Ltd during December 2019, prepare the adjuster Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pt y Ltd
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From the following selected ending ledger balance extracted from the ledger book of Amanda Accounting Practice Pt y Ltd during December 2019, prepare the adjuster Ending Trial balance, adjusted Income statement and adjusted balance sheet for "Adam's Legal Practice Pt y Ltd."
Amanda Accounting Practice Pt y Ltd.
Ending Ledger Balance
31 December 2019
Account Title
Ending balance
Debit ($)
Credit ($)
Cash
343,700
books & Stationeries
35,900
Prepaid Insurance
18,000
Land
35,000
Buildings
125,000
Equipment
66,000
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. $5,000 of unearned service revenues earned but not recorded.
Amanda Accounting Practice Pty Ltd.
Ending Ledger Balance
31 December 2019
Account Title
Debit ($)
Credit ($)
Cash
Books & Stationery
Prepaid Insurance
Land
Buildings
Equipment
Service Revenue
Salaries Expense
Rent Expense
Administrative Expense
Utilities Expense
Advertising Expense
Accounts Payable
Salaries Payable
Unearned Service Revenues
Mortgage Payable
Adam's Equity
Drawings
Total
[10 Marks]
Amanda Accounting Practice Pt y Ltd.
Income Statement
31 December 2019
Account Title
Debit
Credit
Service Revenue
Salaries Expense
Rent Expense
Administrative Expense
Utilities Expense
Advertising Expense
Net Profit
Total
[05 Marks]
Amanda Accounting Practice Pty Ltd.
Balance Sheet
31 December 2019
Account Title
Debit ($)
Credit ($)
Cash
Books & Stationery
Prepaid Insurance
Land
Buildings
Equipment
Accounts Payable
Salaries Payable
Unearned Service Revenues
Mortgage Payable
Adam's Equity
Drawings
Net Profit
Total
